AUDUSD Analysis 23.04.2019

The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its fifth session rebound since February 21 against the US dollar amid tight economic data by the economy and on the brink of economic developments and data expected Tuesday by the US economy's largest economy In the world.

At 02:28 GMT, the AUDUSD dropped 0.17% to 0.7117, compared to the opening levels of 0.7131, after reaching a low of 0.7115, while recording a high of 0.7138

On the other hand, markets are looking to release US housing data, with the Home Price Index reading, which could reflect a 0.4% growth in February, while the New Home Sales Index may show a 3.0% drop to 647K versus 4.9% To 667,000 in February, in conjunction with the Chicago PMI reading, which may show a 10-month widening stability this month

Technical analysis:

The AUDUSD is showing a slight downside to the support of the bullish intraday channel, noting that SMA 50 is attempting to form support in front of negative attempts while Stochastic is entering overbought areas, posing a positive incentive that is expected to help push the price higher than new.

Therefore, we maintain our bullish trend for stability above 0.7090 and above 0.7044, noting that our next main target resides at 0.7250.

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