The Australian dollar fell during the Asian session to reflect a rebound for the fourth consecutive session of its highest since February 21 against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and economic data expected on Monday by the US economy, the largest economy in the world .
At 02:38 GMT, the AUDUSD fell 0.13% to 0.7085 compared to the opening levels at 0.7109, the pair's highest level during the session, while the pair reached a low of 0.7080. Last week's trading at 0.7077 before opening this week on a bullish price gap.
We followed the Australian economy to reveal preliminary data for the labor market with the publication of the job index reading, which showed a decline to 0.9% compared to 1.8% in January, before we see the CPI reading by the Melbourne Institute ( MI, which showed a 0.1% gain versus a 0.1% decline in January.
To the Australian housing market data, with the construction permits reading showing a rise of 2.5% from 8.1% in December, beating expectations for a 1.5% rise, while the same year's index showed a 28.6% 22.0%, compared to expectations of a 28.9% decline.
Otherwise, markets are looking to unveil Tuesday the RBA's interest rate decision and the Reserve Bank of Australia's interest rate statement, amid expectations that interest rates will remain at 1.50% for the 28th meeting in a row, ahead of Wednesday's speech by the Reserve Bank of Australia Philippe Loe under the title "Housing and Economy Market" at the Australian Financial Action Summit in Sydney.
On the other hand, investors are currently looking for the US economy to release a reading of the construction spending index, which may reflect a slowdown in growth to 0.2% versus 0.8% in November. Fed Governor Jerome Powell noted last weekend that The US economy is in a good position and the Fed will be quiet and watch for economic risks in the coming period.
Technical analysis:
The Australian dollar faced a negative pressure on Friday. The trading session opened today with a price that is expected to close again and continue to decline towards 0.7035 support
The moving averages push the price negatively as it ended with a bearish order above the price.
The Stochastic is moving sideways near the oversold area and if it is able to enter it from the turf we can see further downside
Keep in mind that the continuation of the negative pressure and the break of 0.7044 will stop the expected bullish trend and push the price lower in the intraday and short term.
The trading range for today is expected among the support at 0.7045 and resistance at 0.7170
The general trend for today is bearish