The 32-year-old has been part of Australia's four unsuccessful attempts to win the only major trophy eluding them and was adjudged player of the tournament in 2012 when his team went down to eventual winners West Indies in the semi-final.
Darren Lehmann, who guided domestic sides to Twenty20 league victories both in India and Australia, has since been appointed coach of the team, who will land in Bangladesh as one of the favourites.
"We've got the most balanced side and balanced squad I've ever been involved in," Watson told reporters ahead of the second Twenty20 International against
"We really do have firepower consistently all the way in our batting order, down to number 10 even.
"Bowling-wise we've got options, from high quality opening bowlers, to high quality death bowlers and high quality spinners.
"We have versatility. In all conditions, against any opposition we can match up really well."
Australia will kick off their World Twenty20 campaign against 2009 champions Pakistan on Mar 23 at Mirpur's Shere Bangla National Stadium.
Watson acknowledged the unpredictability of the Twenty20-over format but insists there are enough players in his side who can single-handedly change the course of any match.
"Twenty20 cricket is certainly fickle, but if you have a lot of match-winners in your team then you've got more of a chance of it being someone's day. We certainly got that in our squad for sure."
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