AUDUSD Analysis 11.03.2019

The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound for a second straight session since January 4 against the US dollar amid tight economic data by the Australian economy. Following Fed Chairman Jerome Powell's speech on the cusp Developments and economic data expected Monday by the US economy, the largest economy in the world.

At 02:40 GMT, the AUDUSD rose 0.03% to 0.7035 compared with the opening levels at 0.7030 after recording a high of 0.7043 and a low of 0.7027.

Looking ahead to the US economy, the Retail Sales survey, which accounts for nearly half of consumer spending, which accounts for more than two-thirds of US GDP, may reflect stability at zero levels versus a 1.2% drop in December, The same index rose 0.4% against a 1.8% drop, before we saw a reading of business inventories, which could show a 0.6% rise from a 0.1% drop last November.

Technical Analysis

The Australian dollar is fluctuating against the US dollar around the support level of 0.7027 in a sideways trend inclined to the upside supported by the moving averages of 7-20 that move below the price and push it towards the test of the resistance level of 0.7065 which is important because the moving average 50 is approaching it.

Stochastic has reached the overbought zone and rebounded from it, signaling weakness of positive price momentum.

In general, the movement is between 0.7027 support and 0.7065 resistance and we are waiting for a break of one of the two exits to get a clear price path.