AUDUSD Analysis 25.03.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its rebound for a third straight session since Feb. 27 against the US dollar amid a lack of economic data earlier this week by the Australian economy and its US economy, the world's largest economy. The meeting was scheduled for Monday with the chairman of the Federal Reserve Bank of Chicago, Federal Open Market Committee member Charles Evans and the Deputy Governor of the Reserve Bank of Australia, Lucy Ellis.

At 0234 GMT, the AUDUSD dropped 0.11% to 0.7075 compared to the opening levels of 0.7083, after recording a low of 0.7066 and a high of 0.7087.

Investors may be looking forward to what Federal Open Market Committee (FOMC) Chairman and Federal Reserve Chairman Charles Evans will say about the economy and monetary policy at the Credit Suisse Asian Investment Conference in Hong Kong. At the Sydney Housing Industry Association's breakfast ceremony.

Technical Analysis:

The AUDUSD continues to rally negatively towards the pivotal support of 0.7044, accompanied by the stochastic trend towards overbought areas, supporting the upside bounce to resume the expected bullish intraday direction targeting 0.7250 mainly.

Therefore, we will maintain our positive outlook for the day unless the level of 0.7044 is broken and the daily closing below it.

The trading range for today is expected among the support at 0.7020 and resistance at 0.7150.

The general trend for today is bullish.