AUDUSD Analysis 05.03.2019

The Australian dollar fell during the Asian session against the US dollar following developments and economic data that followed on the Australian economy and on the threshold of the decisions and directions of the Reserve Bank of Australia in addition to developments and economic data expected Tuesday by the US economy

Morning: The AUDUSD fell 0.27% to 0.7073 compared to the opening levels at 0.7092, after reaching its lowest level in three weeks at 0.7066, while the highest level during the session at 0.7097.

We followed the Australian economy's current account reading, which showed the deficit narrowed to A $ 7.2 billion against A $ 10.8 billion in the third quarter, beating expectations that the deficit had shrunk to A $ 9.3 billion. Investors are looking forward to issuing a statement Monetary policy of the Reserve Bank of Australia.

The Reserve Bank of Australia's decision on short-term benchmark interest rates is also eyeing expectations of staying at 1.50% for the 28th meeting in a row, ahead of Wednesday's speech by Governor of the Central Bank of Australia Philip Leu under the title "Housing and Economy Market" Australian Business Summit in Sydney.

We see the final reading of the index of the Institute of Supply Services by Markit from the United States, which may reflect the stability of the wideness at 56.2 compared to 54.2 in January.

And the index of the Institute of Supply Services, which may show a breadth to 57.4 compared to 56.7 in January, and we would like to point out that the service supply is important in the fact that the service sector in America represents more than two thirds of GDP, in conjunction with the disclosure of data The housing market and the release of new home sales, which could reflect a decline of 8.7% to 590 thousand against a rise of 16.9% at 657 thousand in December.

Technical Analysis

AUDUSD has fluctuated around the 0.7075 level since yesterday, and we see that Stochastic is close to providing a positive cross signal now, as the price is expected to resume the expected bullish trend for the next period, which targets 0.7250 mainly.

In general, we will keep our bullish outlook intact unless the 0.7044 level is broken and stability below it.

The trading range for today is expected among the support at 0.7045 and the resistance at 0.7150

The general trend for today is bullish