AUDUSD Analysis 22.03.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its second consecutive session rebound since February 27, while it is still in its second straight weekly gain against the US dollar following economic developments and data from the economy. On the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 02:58 GMT, the AUDUSD fell 0.14% to 0.7102 compared to the opening levels of 0.7112, after reaching a low of 0.7095, while reaching a high of 0.7119.

We have followed the Australian economy to reveal the preliminary reading of the PMI for the month of March, which showed the contraction of the breadth to 52.0 compared to 52.9 in February, and this coincided with the issuance of the preliminary reading of the PMI services for the month of the month, which showed contraction Deflation to a value of 49.8 versus 48.7 in February.

On the other hand, investors expect the US economy to release the preliminary reading of the PMI index for the United States for the month of March, amid expectations of the expansion of the industrial sector to 53.5 compared to 53.0 in February, and shrinking service sector to what 55.7 versus 53.0 in February.

To the release of housing market data with the release of the existing home sales index, which may reflect a rise of 3.2% to 5.10 million one against a decline of 1.2% at 4.94 million one in January, in conjunction with the final reading of the index of wholesale stocks, which may The slowdown shows growth at 0.2% versus 1.1% in the January preliminary reading and the previous December reading.

This comes hours after the Federal Open Market Committee's meeting during the March 19-20 meeting to keep interest rates between 2.25% and 2.50% and move forward in reducing bond buybacks until next September as the Commission cuts its growth forecast Its expectations for unemployment rates and the decline in its expectations of raising interest rates this year amid maintaining its expectations to be raised once during the next year 2020.

Technical Analysis

The AUDUSD has been hovering around SMA 50 since yesterday, while Stochastic is gradually shedding its negative momentum, awaiting a positive stimulus enough to push the pair to continue the expected bullish intraday direction targeting 0.7250 mainly.

In general, we will continue to bias the bullish trend for the upcoming period unless the level of 0.7044 is broken and stability below it.

The trading range for today is among the key support at 0.7060 and resistance at 0.7180

The general trend for today is bullish