AUDUSD Analysis 04.04.2019

The Australian dollar fluctuated in a tight range slipping into the Asian session against the US dollar amid a lack of economic data from Australia on the eve of developments and economic data expected on Thursday by the US economy.

At 06:24 GMT, the AUDUSD dropped by 0.12% to 0.7110 in comparison with the opening levels of 0.7121 after reaching a low of 0.7108 while the highest at 0.7128.

Investors are currently waiting for the US economy to read the Jobless Claims for the week ending on March 30. It could reflect a rise of 4K to 211K versus 211K. 23 of the last month down by 6 thousand to 1,750 thousand applications against 1,756 thousand applications.

Technical analysis:

The AUDUSD has been moderately trading since yesterday and is trying to confirm the SMA 50 has been breached. The pair is getting positive signs from Stochastic awaiting further upside in the coming sessions and noting our next main target is at 0.7250.

Stability above 0.7044 represents the most important condition for the continuation of the expected rise as breaking it will turn the intraday path downward to start the negative targets at 0.6900.

The trading range for today is expected among the support at 0.7060 and the resistance at 0.7200.

The general trend for today is bullish.