The Australian dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound for the fourth session in six sessions of its highest since December 13 against the US dollar following developments and economic data that followed Monday on the Australian economy amid the absence of the US market. This weekend for the Martin Luther King Day celebration.
At 02:41 GMT, the AUDUSD dropped 0.03% to 0.7166 compared to the opening levels at 0.7168, after hitting a session low of 0.7150 and a high of 0.7188.
On the Australian economy, data on the housing sector were released as the Housing Sales Association released a new housing sales index, which showed a drop of 6.7% from a 3.6% rise in November, reflecting its worst performance since June 2017. .
This came before China's National Bureau of Statistics released growth data for Australia's largest trading partner, which showed the slowest growth rate for the world's second-largest economy in 2018 since 1990, with China's economy growing 6.6 percent from the year 2017 in line with expectations.
Technical Analysis
AUDUSD is back at 0.7145 pivotal support, accompanied by stochastic access to overbought areas, awaiting price action to resume the bullish trend targeting 0.7335 as the next major station.
A breach of 0.7230 will provide a strong positive bias supporting expectations for a rise, while a break of 0.7145 will halt the suggested bullish trend and pressure the price to turn bearish.
The trading range for today is expected among the support at 0.7120 and resistance at 0.7260
Support and resistance:
Support: 0.7142-0.7044-0.6900
Resistance: 0.7243-0.7367
The general trend for today is bullish