AUDUSD Analysis 28.03.2019

The Australian dollar is back in the Australian dollar on a tight range inclined to rise during the Asian session to face the US dollar after the talk of Assistant Governor of the Central Bank of Australia amid the lack of economic data by the Australian economy and on the brink of developments and economic data expected on Thursday by the US economy that includes members of the Federal Open Market Committee.

At 02:34 GMT, the AUDUSD rose 0.10% to 0.7089 compared with the opening levels of 0.7085 after recording a low of 0.7072, while the highest at 0.7105.

Investors are looking forward to what Federal Reserve Vice Governor and Federal Open Market Committee (FOMC) Chairman Randall Quarles will talk about on the Financial Stability Board's agenda at the European Central Bank's policy conference in Frankfurt. It may reflect a rise of 1K to 222K.

In parallel to the reading of GDP reading, which may reflect the contraction of the largest economy in the world to 2.4% compared to 2.6% growth in the previous preliminary reading for the fourth quarter, compared to the expansion of 3.4% in the third quarter, while the same index may reflect the price stability of growth at 1.8% unchanged from the previous preliminary reading for the fourth quarter and the previous reading for the third quarter.

To show housing data, which may reflect slower growth of existing home sales 0.1% from 4.6% in January. The Federal Reserve cut its growth forecast, raised its forecast for unemployment and dropped its expectations for a rate hike this year amidst the province. On its expectations of raising it once next year with its confirmation of interest stabilization and the end of the reduction of bond repurchases in September.

Technical analysis:

Yesterday the AUDUSD supported the bullish intraday channel and started to bounce back from there keeping the upside scenario for the coming period targeting 0.7250 as the next major station.

A break of 0.7115 will facilitate the price action to achieve the awaited target, while stability above 0.7044 is important for the continuation of the expected rise.

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.