AUDUSD Analysis 13.03.2019

The Australian dollar fell during the Asian session as its second session of the March 6 high against the US dollar reversed its economic developments and data on the Australian economy and on the eve of economic developments and data expected Wednesday by the US economy, the largest economy in the world.

At 02:30 GMT, the AUDUSD dropped 0.38% to 0.7055 compared to the opening levels at 0.7082, the pair's highest level during the session, while the pair reached a low of 0.7049.

The Australian economy was followed by a reading of the Wesbock Consumer Sentiment Index, which showed a contraction of 98.8 versus 103.8 last February, hours after Assistant Governor of the Reserve Bank of Australia in charge of the Risk Management Committee, Jay DeBill, In Sydney under the title "Climate Change and Economics", on the importance of incorporating climate models into general economic models.

On the other hand, investors are currently looking for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two thirds of the US gross domestic product, which may reflect a decline of 0.5% compared with a rise of 1.2% in December, while may The core reading of the index itself shows growth stability at 0.1%, unchanged from December.

The markets are also looking for the PPI, which is a preliminary index of inflationary pressures, which could reflect a 0.2% expansion versus a 0.1% contraction in January, while the annual reading of the same index may show a slowdown in growth to 1.9% Compared with 2.0% in the previous January reading.

The core reading of the PPI shows a slowdown in growth to 0.2% from 0.3% in January, while the core annualized reading of the same index may reflect a 2.6% growth rate unchanged from the previous December reading, Before we see a reading of the construction spending index, which could reflect a rise of 0.4% versus a 0.6% decline in December.

Technical Analysis

The AUDUSD is showing some slight bearishness now to test the pivotal support at 0.7044, and as long as the price is above this level, our bullish outlook remains valid, awaiting targeting of 0.7125 and 0.7250 as the next major stops.

Keep in mind that a break of 0.7044 and stability below it will press the price to resume the main descending wave with the next target at 0.6900.

The trading range for today is expected among the support at 0.7000 and the resistance at 0.7120

The general trend for today is bearish