The Australian dollar fell during the Asian session to see a fluctuation in three sessions of the lowest since January 4 against the US dollar amid a lack of economic data by the Australian economy and on the eve of developments and economic data expected Friday by the US economy, the largest economy the world.
At 4:50 am GMT, the AUDUSD dropped 0.13% to 0.7092 compared to the opening levels of 0.7105 after recording a high of 0.7105 while a low of 0.7075.
On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a contraction of the decline to 0.1% from 1.0% in December, coinciding with the release of the New York Industrial Index of the world's largest industrial country, which may explain the breadth to 7.1 versus 3.9 in January.
Before the release of the industrial production index, which may reflect a slowdown in growth to 0.1% versus 0.3% in December, coinciding with the release of the energy utilization index reading, which could show a rapid growth rate of 78.8% versus 78.7% led to the first reading of the University of Michigan Consumer Confidence Index, which may reflect a widening to 93.3 versus 91.2 in January.
Technical analysis:
AUD/USD is trading below the SMA 50, and Stochastic is providing a negative signal now, awaiting the pair to stimulate the resumption of the expected bearish trend for the coming period, which is next target at 0.7000.
Keep in mind that a break of 0.7135 will halt the expected decline and lead the price to start recovery attempts over the intraday basis.
The trading range for today is expected among the support at 0.7000 and the resistance at 0.7150.
The general trend for today is bearish.