The Australian dollar fluctuated in a narrow range slipping towards the Asian session to see its rebound for the third session since December 5 against the US dollar following the economic developments and data that followed it on the Australian economy and on the eve of developments and economic data expected on Monday by the economy The largest economy in the world.
At 02:36 GMT, the AUDUSD fell 0.11% to 0.7242, compared to the opening levels at 0.7250, after reaching a low of 0.7229, while reaching a high of 0.7254.
On the Australian economy, the inflation index released by the Melbourne Institute (MI) last month showed a 0.1% drop from 0.1% last January, before we saw the release of preliminary data for the labor market with a reading The job ads index, which showed a widening decline to 1.7% from 0.7% in December.
In addition to the release of the Australian housing market data, with the release of the building permit reading, which showed a contraction of 8.4% compared to 9.8% in November, contrary to expectations of a 2.1% rise. The annual reading of the same index shrank to 22.5% Compared to 32.8% in November's annual reading, worse than the 10.9% decline.
Otherwise, markets are looking to reveal Tuesday the RBA's interest rate decision and the Australian Central Bank's interest rate statement, amid expectations of a short-term benchmark interest rate of 1.50% for the 27th consecutive meeting. Australian Central Bank Philip Lo at the National Press Club in Sydney.
On the other hand, investors are currently looking for the US economy to reveal the factory demand index, which may show a rise of 0.3% compared to a decline of 2.1% in October, and this comes hours after the data showed the labor market last month, which showed high unemployment for the month The second consecutive month to 4.0% compared to the previous forecast for December at 3.9%.
In the same context, the average hourly earnings reading showed a slowdown in growth to 0.1% from 0.4% in December, worse than expectations of 0.3%, while the Nonfarm Employment Change Index showed that job creation accelerated to 304K Adding an added 222,000 jobs in December, beyond expectations for 165,000 jobs.
Federal Reserve monetary policy makers kept the federal funds rate at 2.25% to 2.50% at the Federal Open Market Committee meeting held on 29-30 of last month as they continued to cut back on bond purchases by $ 50 billion a month. Federal Reserve Governor Jerome Powell said at the time that the committee would be patient about raising interest rates.
Technical Analysis
AUDUSD is under negative pressure to attack the 0.7235 level and is moving below it now, and we note that the price complements the formation of a double-top model now, which makes us likely to see further declines in the coming sessions, targeting 0.7170 and 0.7100 respectively.
Therefore, the bearish bias will be expected for today unless the price is able to rise above 0.7235 and stabilize above it again.
The trading range for today is expected among the support at 0.7170 and resistance at 0.7270
The general trend for today is bearish