AUDUSD Analysis 27.03.2019

The Australian dollar fluctuated in a tight range slipping into the Asian session to see its rebound after a two-day rally against the US dollar as the Australian economy is poor with economic developments and data expected Wednesday by the US economy, the world's largest economy.

At 02:34 GMT, the AUDUSD dropped 0.30% to 0.7100 from the opening levels of 0.7132, after recording a low of 0.7096 and a high of 0.7140.

Investors are currently waiting for the US economy to release the current account reading, which may reflect a widening deficit to $130 billion versus $125 billion in the third quarter, in conjunction with the disclosure of the trade balance, which may reflect a contraction of the deficit to $57.2 billion versus $59.8 billion in December.

The Federal Reserve Bank of Kansas Federal Reserve Chairman and member of the Federal Open Market Committee, Esther George, on the economic outlook and monetary policy at the event hosted by New York University fund-raisers, hours after the FOMC meeting of 19-20 March Federal funds were kept at between 2.25% and 2.50%.

Technical analysis:

The AUDUSD has been trading negatively since opening today to approach the support of the bullish intraday channel shown in the image, but since the price is above 0.7044, the bullish scenario will remain effective for the coming period, awaiting a major 0.7250 visit.

Keep in mind that breaking 0.7044 will put the price under negative pressure targeting 0.6900 areas in the near term.

The trading range for today is expected among the support at 0.7044 and resistance at 0.7170.

The general trend for today is bullish.