Published April 03, 2019 9:545 am est
by Richard Cason,
Editor of NewsMovesMarketsForex
AUD USD Rally’s off of strong February (2019) Australian retail sales report on April 3rd 2019 . The Australian dollar currency pair rallied overnight spurred by positive economic news originating out of Australia Bounce from a low of .7053 to a high of .7126 as of this writing.
AUD USD is currently up .74% and the Currency pair is trading at .7118 handle as of 6:44 am Eastern Standard Time.
Aud Usd is currently range trading within a 73 pip intraday area between the high of .7126 and a low of .7053. As of this writing the pair is trading well above the 13 day simple moving average and the Relative Strength Indicator is reading 64.1. The Aud Usd one hour chart appears to setting up to possibly forming a potential Bearish Bat formation.
The AUD Index 50.79.86 up .33% Aussie appears to be gaining strength some consistent bullish momentum across the board against a baskets of its cross rivalries:
AUD Index trading at 50.79.86 up +.20%, Aud Usd up +0.69%, Aud Cad up +48%, Eur Jpy up +.14% Aud Chf up .52% Aud Jpy up +76% as of this writing.
The Aud Usd set a high of .7126 in early morning trading and has been range trading over the last 4 1/2 hours low of .7110.
The Aud Usd has clearly been in bearish consolidation mode since Friday, March 29, 2019 slowly establishing a series of daily lower highs and lower lows. As of this writing the pair has rebound off the Weekly lows and our bias is neutral at this time.
The Aud Usd 1 hour Chart time frame listed below appears to be setting up in forming a double top, as price action is consolidating between intraday high of .071264 and intraday low of .7100 as of 9:17 am est.
The one hour Random strength indicator is displaying a reading of 56 and the pair is trading slightly above the 13 day simply moving average and is clearly in possible over bought condition .
Aud Usd ascends from Two Weekly Lows of 0.7053 to High of 0.7126 up 73 Pip’s
Aud Usd ascends from a two week low on April 2, 2019 of .7053 to a high of .7126 in Early Morning Trading on April 3, 2019 of .7126.
On the data front we had a Mixed bag of Euro and U.S. Economic news. Aud Usd today the Pair has a potential Bullish bias and is range bound 76 Pips as of this writing in intraday consolidation phase as the market searching for a clear direction.
AUD 8:30 pm est Retail Sales (MoM) (Feb) Exceeded expectation |Actual 0.8% | Forcasted 0.3%| Previous 0.1%
AUD 8:30 pm est Trade Balance (Feb) Exceeded expectation |Actual 4.801B | Forcasted 83,710B| Previous 4.351B
8:30 pm Est AUD 4.801B 3.710B
USD 08:30 am est ADP Nonfarm Employent Change (Mar) cane in Below expectation |Actual 129K| Forcasted 184K| Previous 197K
