The Australian dollar has been sliding against the US dollar since the opening of today's session, after economic data from the Australian economy and ahead of economic data expected Thursday by the US economy, hours after the expiration of the Fed's semi-annual policy on monetary policy before the US Congress.
In the morning, the AUDUSD rose 0.07% to 0.7144 compared to the opening levels of 0.7138 after the pair reached a high of 0.7166 and the lowest at 0.7130.
The Australian economy released the Private Capital Expenditure Index (CPI), which shed 2.0% versus stability at zero levels in the third quarter, beating expectations for a 0.8% rise. , Unchanged from last December, below expectations of 0.3%.
From the US economy, markets are looking to reveal the preliminary reading of GDP, which may reflect the contraction of the largest economy in the world to 2.6% in the fourth quarter compared to 3.4% in the third quarter, and may show the preliminary reading of GDP measured in prices for the last quarter Growth slowed to 1.7% from 1.8% in the third quarter.
This comes in conjunction with the reading of the index of claims for the week of February 23, which may reflect a rise of 5 thousand applications to 221 thousand applications compared to 216 thousand applications in the previous weekly reading, before we see the disclosure of the Chicago Purchasing Managers Index May reflect a widening to 58.1 versus 56.7 in January.
Technical analysis:
The Australian dollar is fluctuating within the range between 0.7152 and 0.7121 support since the beginning of today's trading.
The moving averages are negative pressure on the price, especially the 50 moving average that drives the price lower and test the support level 0.7121.
Breaking the previous support level will push the price towards the Bottom line of the up channel that has been trading since the beginning of this year
The expected movement of the support house is 0.7097 and the resistance is 0.7153