The Australian dollar fluctuated in a tight range slipping during the Asian session to see its rebound for the ninth session in seventeen sessions of its highest since August 9 against the US dollar amid a lack of economic data by the Australian economy and on the eve of developments and economic data expected on Thursday from Ahead of the US economy, the world's largest economy.
At 4:18 am GMT, the AUDUSD fell 0.16% to 0.7055, the pair's lowest level during the session compared to the opening levels at 0.7066, while the pair reached a high of 0.7078.
Investors are currently waiting for the US economy to read the Jobless Claims reading for the week ending December 22, which could reflect a 6K increase to 220K in the previous week's reading. This month, down by 5 thousand applications to 1,673 thousand in the previous weekly reading.
In conjunction with the release of housing market data, which may reflect the acceleration of house price growth to 0.3% versus 0.2% in October before we see new home sales, which may rise 4.0% to 566 thousand homes compared to a decline of 8.9% To 544,000 in October, leading to a reading of the consumer confidence index, which may indicate a contraction of the widening to 133.0 versus 135.7 last month.
Technical Analysis
The AUDUSD is trading slightly above the 0.7060 level now, noting that Stochastic is showing negative signs now, waiting for the pair to resume the bearish trend whose targets start with a break of 0.7020 to confirm the opening of 0.6920 as a next stop.
Therefore, we will continue to lower the bearishness until 0.7120 is breached and stability above it.
The trading range for today is expected among the support at 0.6980 and the resistance at 0.7100
The general trend for today is bearish