AUDUSD Analysis 29.03.2019

The Australian dollar is fluctuating against the US dollar in a tight range that tends to rise after the two consecutive sessions against the US dollar. After the economic data released by the Australian economy and on the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 05:43 am GMT, the AUDUSD rose 0.13% to 0.7093 compared to the opening levels of 0.7075 after recording a high of 0.7100 and a low of 0.7073.

On the Australian economy, private sector credit results for the month of February were 0.3% better than the previous and expected 0.2%.

On the other hand, investors are looking for the US economy to reveal spending and personal income data that may reflect personal spending rose to 0.3% from 0.5% in December and personal income rose to 0.3% from 0.1% December, while the reading of the Personal Consumption Expenditures (CPI) indicator may show growth stabilizing at 0.2% in January.

This comes ahead of the release of the Chicago PMI, which may reflect a contraction of 61.1 vs. 64.7 in February, to reveal housing market data with the release of the New Home Sales Index, which may reflect a 2.1% 625 thousand homes compared to a 6.9% decline at about 607 thousand homes in January.

With the release of the University of Michigan's consumer confidence index, which may reflect the stability of the widening at 95.8, little change from the initial reading this month and 97.8 in February, before we see the upcoming talk of the Federal Reserve Vice President and member of the Federal Market Commission Open Randall Quarles about the overall precautionary policy at the spring meeting of the Open Market Shadow Committee in New York.

Technical Analysis

The AUDUSD continues to fluctuate around the support of the bullish intraday channel, noting that Stochastic is attempting to gain positive momentum, while the pair is waiting to stimulate the resumption of the main upside trend targeting 0.7250.

A breach of 0.7110 will reinforce the positive outlook, while a break of 0.7044 will halt the expected rally and press the price to turn bearish.

The trading range for today is expected among the support at 0.7044 and resistance at 0.7160

The general trend for today is bullish