AUDUSD Analysis 05.04.2019

The Australian dollar rose during the Asian session to make its second straight weekly gain against the US dollar amid a lack of economic data from the Australian economy and on the eve of developments and economic data expected on Friday by the US economy.

At 03:58 GMT, the AUDUSD rose 0.20% to 0.7126 compared to the opening levels of 0.7112, after reaching a high of 0.7127, while reaching a low of 0.7108.

Investors are currently looking for the US economy to release labor market data, which may reflect a stable 3.8% unemployment rate, unchanged from last February's reading, amid expectations that the reading of the Change in Employment Index for the sectors the pace of job creation accelerated to 172,000 jobs, up from 20,000 jobs in February.

This is in line with the average hourly earnings reading, which may indicate slowing growth to 0.4% vs. 0.3% in February, and before we see later today the US Consumer Confidence Index for February which may reflect a decline to $ 17.2 billion from $ 17.0 billion in January.

Technical analysis:

The AUDUSD has been trading sideways and narrow range in recent sessions to oscillate around SMA 50, while the bullish scenario is still valid at 0.7044, awaiting a visit to 0.7250 as the next major station.

Recall that the break of 0.7044 will stop the expected rise and put the price under negative pressure, starting with the targets at 0.6900.

The trading range for today is expected among the support at 0.7080 and the resistance at 0.7200.

The general trend for today is bullish.