The Australian dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound to its second session since the beginning of November against the US dollar amid a lack of economic data in the last session of the week by the Australian economy and on the eve of developments and economic data expected on Friday from Ahead of the US economy, the world's largest economy.
At 03:44 GMT, the AUDUSD rose 0.10% to 0.7115 compared to the opening levels at 0.7108, after reaching a high of 0.7123, while reaching a low of 0.7104.
The markets are currently looking for the US economy to reveal several important economic data that may reflect the stability of the largest economy in the world at 3.5% in the third quarter, according to the final reading of GDP, unchanged from the previous preliminary reading and compared to growth of 4.2% in the second quarter last , And the same reading of the price index may reflect a stable growth of 1.7% versus 3.0% in the second quarter.
This comes in conjunction with the release of the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 1.6% rise from a 4.3% fall in October, The core of the index itself accelerated to 0.3% from 0.2% in October.
Investors are also looking to release spending and personal income data, which may reflect slowing personal spending growth to 0.3% from 0.6% in October and slowing personal income growth to 0.3% from 0.5% in October, Personal consumption dampening accelerated growth to 0.2% from 0.1% in October.
In conjunction with the final reading of the University of Michigan Consumer Confidence Index, which could reflect a 97.6 increase from November's preliminary reading and the previous reading of 97.5 in November, hours after the Federal Open Market Committee decided to raise interest rates by 25 basis points For the fourth time this year to between 2.25% and 2.50% and move forward in reducing bond buybacks.
Technical Analysis
The AUDUSD is retesting the previously breached neckline of the head and shoulders pattern and maintaining its stability below it. The negative impact of this pattern remains valid, awaiting the resumption of the bearish trend with the next key target at 0.7020, while reiterating the importance of stability below 0.7140 for continuation Expected decline.
Moving averages above the price increase pressure on it to further decline. The Stochastic is also floating in the oversold area in a negative sign of price action.
The trading range for today is expected among the support at 0.7020 and resistance at 0.7140
The general trend for today is bearish