The Australian dollar fluctuated in a narrow upward bias during the Asian session against the US dollar following talks by Federal Reserve Governor Jerome Powell and a member of the Federal Committee for Leil Brenner in Washington and following the economic developments and data that followed on the Australian economy and on the eve of revealing policy makers' The Reserve Bank of Australia's monetary policy on Tuesday and the expected talk of Federal Committee member and New York-based President of the New York Fed John Williams in New York.
At 02:58 GMT, the AUDUSD rose 0.03% to 0.7360 compared with the opening levels of 0.7358, after reaching a high of 0.7366, while the pair reached a high of 0.7349.
We have followed the Australian economy's current account reading, which showed the deficit narrowed to A $ 10.7 billion from A $ 12.1 billion in the second quarter, below expectations of A $ 10.2 billion deficit. Investors are now looking for the Australian Central Bank's monetary policy statement and decision as expectations for a 1.50% rise for the 27th consecutive meeting.
On the other hand, Fed Governor and member of the Federal Commission Bernard have been following in the celebration of excellence in community development and the inaugural opening of the Federal Reserve, Janet Yellin, for excellence in community development. Otherwise, Federal Committee John Williams on domestic employment and workforce trends in the New York Federal Reserve.
Technical analysis:
The AUDUSD is trading slightly higher today, in reference to the price trend to resume the expected bullish trend for the coming period, supported by the positive signal provided by Stochastic, pending a major test of 0.7437.
Therefore, we will continue to bias the upside move provided stability above 0.7277, noting that the breach of the target level will extend the bullish wave to reach 0.7566.
The trading range for today is expected among the support at 0.7320 and the resistance at 0.7440.
Support and resistance:
Support: 0.7367-0.7276-0.7235;
Resistance: 0.7441-0.7485.
The general trend for today is bullish.