AUDUSD Analysis 21.03.2019

The Australian dollar rose during the Asian session, its highest since February 27 against the US dollar following the economic developments and data that followed the Australian economy and on the eve of developments and economic data expected Thursday by the US economy, the largest economy in the world.

At 02:49 GMT, the AUDUSD rose 0.67% to 0.7164 compared to the opening levels of 0.7116, after hitting a three week high at 0.7168, while the lowest level at 0.7114.

We have followed the Australian economy to reveal data on the labor market, which showed a decline in unemployment to 4.9%, which is the lowest since mid-2011 compared to the previous January and expectations of 5.0%, and with the publication of the index of change in employment At 4.6K versus 38.3K in January, below expectations of 14.8K.

On the other hand, investors are currently waiting for the US economy to read the Jobless Claims for the week ending March 16th, which could reflect a decrease of 3K to 226K versus 229K. Which ended on the ninth of this month, down by 8 thousand applications to 1,768 thousand applications against 1,776 thousand applications.

This comes in conjunction with the release of the Philadelphia Industrial Index, which may reflect a widening to 4.6 against a contraction of 4.1 in February, before we see the leading index reading, which may rise 0.1% versus 0.1% January, coming hours after the March 19-20 meeting of the Federal Open Market Committee in Washington.

Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% and move forward with a $ 50bn rebound in bond purchases until September as the Federal Reserve cuts its growth forecast and raises its forecast for rates Unemployment and the decline in the expectations of raising interest rates during the current year, while maintaining their expectations to raise once in the next year 2020.

Technical Analysis

AUD / USD has breached 0.7120 and is now stabilizing, supporting expectations for a bullish intraday trend, paving the way for our next target at 0.7250.

Moving above SMA 50 supports the bullish outlook, which requires stability to remain above 0.7044.

The trading range for today is expected among the support at 0.7100 and the resistance at 0.7220

The general trend for today is bullish