AUDUSD Analysis 29.04.2019

The Australian dollar rose during the Asian session to see its rebound for the third consecutive session of its lowest since January 3 against the US dollar amid a lack of economic data earlier this week by the Australian economy and on the eve of developments and economic data expected on Monday by the US economy The world's largest economy.

At 2:18 am GMT, the AUDUSD rose 0.26% to 0.7053 compared to the opening levels of 0.7043, after recording a high of 0.7055 and a low of 0.7035.

Investors are currently waiting for the US economy to release spending and personal income data, which may reflect a faster growth in personal spending to 0.7% from 0.1% in February, and personal income growth accelerated to 0.4% from 0.2% Personalized depreciation expenditures rose 0.3% against 0.1%, while the same year's annual reading may show growth accelerating to 1.6% versus 1.4%.

Technical Analysis

The AUDUSD is trading higher today to attempt to breach the 0.7044 level, which signals the direction of the pair to rise again, which makes us prefer to stop on the neutral until we get a clearer confirmation of the next direction, which we will get through the breakthrough Resistance is 0.7135 or a break of 0.7044 which is turning into support now.

We point out that the continuation of the rally and the breach of the resistance mentioned above will push the price to achieve further gains and test the level of 0.7250 as a next stop while breaking the support will reactivate the scenario of the bearish trend with the next main target at 0.6800.

The trading range for today is expected among the support at 0.6970 and the resistance at 0.7135

The expected general trend for today: neutral