The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound to its second-lowest session since January 4 against the US dollar amid a lack of economic data by the Australian economy and its economy, the world's largest economy, on Monday.
At 02:53 GMT, the AUDUSD rose 0.45% to 0.7100, compared to the opening levels of 0.7088, after reaching a high of 0.7108, while reaching a low of 0.7085.
Investors are looking forward to what Federal Open Market Committee (FOMC) member and Federal Reserve Governor Michael Bowman will speak at the annual conference of the American Association of Community Bankers in San Diego, coming hours before Federal Reserve Governor Jerome Powell delivered a speech on Tuesday entitled " Economic Development in High-Poverty Rural Communities "at the Hope Foundation Rural Policy Forum in Mississippi.
Technical Analysis
AUDUSD has tested the 0.7100 level and starts to retrace back from there, supported by the negative sign from Stochastic now, awaiting the 0.7000 move which is our next main target.
SMA 50 supports bearish expectations, noting that stability below 0.7180 is important for the continuation of the suggested bearish wave.
The trading range for today is expected among the support at 0.7000 and the resistance at 0.7140
Support and resistance:
Support: 0.7040-0.6932
Resistance: 0.7108-0.7161
The general trend for today is bearish