The Australian dollar fluctuated in a narrow upward range to see its rebound from its lowest level since January 10 against the US dollar following developments and economic data that followed it on the Australian economy and on the eve of developments and economic data expected Thursday by the US economy, In conjunction with the continued partial closure of the federal government in the United States.
At 02:32 GMT, the AUDUSD rose 0.01% to 0.7169 compared to the opening levels at 0.7168, after reaching a high of 0.7175, while achieving a week low of 0.7158.
On the Australian economy, the Melbourne Institute read consumer expectations for inflationary pressures, which showed a drop to 3.5% from 4.0% last December, before we saw housing market data with the Home Loan Index showing 0.9% Up 2.1% last October, beating expectations for a 1.5% decline.
On the other hand, investors by the US economy, the world's largest industrial nation, are looking to release the Philadelphia Manufacturing Index, which may reflect an expansion to 9.7 versus 9.4 last month, in conjunction with the January 12 reading of the index of claims claims May reflect a rise of 3 thousand applications to 219 thousand applications compared with 216 thousand applications in the previous weekly reading.
Technical Analysis
The AUDUSD is now trading negative to test the pivotal support 0.7145, and the price needs to stabilize above this level to keep the bullish trend effective for the coming period, as breaking it will press the price to decline again and head towards the 0.7000 areas initially.
So far, we continue to favor the bullishness supported by Stochastic, with our next main target at 0.7335.
The trading range for today is expected among the key support at 0.7100 and resistance at 0.7230
Support and resistance:
Support: 0.7142-0.7044
Resistance: 0.7243-0.7367
The general trend for today is bullish