The Australian dollar rose during the Asian session to see its rebound from its lowest level since January 4 against the US dollar following developments and economic data followed Wednesday by the Australian economy and Federal Reserve Committee Chairman and Federal Reserve Chairman George W. Bush on the economic outlook. Kansas City Public Library and on the eve of developments and economic data expected Wednesday by the US economy.
At 02:32 GMT, the AUDUSD rose by 035% to 0.7126 compared with the opening levels at 0.7092 after recording a high of 0.7135 while a low of 0.7090.
We followed the Australian economy by reading WITSBAC Consumer Confidence Index, which showed a rise in value to 4.3% versus -4.7%
On the other hand, investors are looking ahead to the US economy to release inflation data with the release of the consumer price index, which may reflect 0.1 growth versus a 0.1% contraction in December, while the core reading of the index itself may show a 0.2% From its December level. The index's annual reading may reflect a slowdown in growth to 1.5% from 1.9%.
In the same context, the annual Core CPI reading may show a slowdown in growth to 2.1% versus 2.2% in the previous December reading before we see the US Treasury Department reading the Treasury budget, which may reflect a contraction of the deficit to its value 10.5 billion compared with 204.9 billion last November.
Technical Analysis
AUDUSD is trading favorably to test SMA 50 now, while Stochastic is showing a clear buy now, while the pair is waiting to stimulate the pair to resume the expected bearish trend for the next period, which depends on stability below 0.7190, 0.7000.
The trading range for today is expected among the support at 0.7050 and the resistance at 0.7190
The general trend for today is bearish