The Australian dollar rose during the Asian session to see its coverage of the falling price gap, which started this week following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected Monday by the US economy, the largest economy in the world.
At 02:44 GMT, the AUD/USD rose 0.10% to 0.7215, compared to the opening levels of 0.7192, after recording a high of 0.7223, while a low of 0.7172. The pair ended last week at 0.7208.
Australian Assistant Bank of Australia Governor Christopher Kent, speaking at a Bloomberg news conference in Sydney on US monetary policy and the Australian financial situation, followed the Australian housing market data as the Home Loan Index showed a rise of 2.2% Fell 1.0% in September, beating expectations that the decline would drop to 0.5%.
On the other hand, investors are looking for the US economy to publish a statistical reading employment opportunities and job turnover, which may reflect a rise to 7.22 million versus 7.01 million in September, coming hours after the disclosure of labor market data for the last month which showed that showed stability rates Unemployment at its lowest since 1969 at 3.7% for the third month in a row, consistent with expectations.
In the same context, the average hourly earnings report showed growth accelerated to 0.2% from 0.1% in October, below expectations of 0.3%, while the Non-Farm Employment Change Index showed a slowdown in job creation to 155,000 added jobs 237 thousand jobs added in October, worse than expectations for 198 thousand added jobs.
Technical analysis:
The AUD/USD continues to trade negative and tries to break the 0.7200 level to keep the downside scenario intact for the coming sessions. It relies on stability below 0.7277 supported by the negative pressure formed by SMA 50 noting that our next key targets are at 0.7080, then 0.7020.
The trading range for today is among the key support at 0.7140 and resistance at 0.7277.
Support and resistance:
Support: 0.7235-0.7180-0.7142-0.7044;
Resistance: 0.7276-0.7367-0.7441.
The general trend for today is bearish.