The Australian dollar fell during the Asian session as it rebounded to the second session of its highest since March 4 against the US dollar and the economic developments that followed it on the Australian economy and on the eve of developments and economic data expected Thursday by the US economy, the largest economy in the world.
At 02:51 GMT, the AUDUSD fell 0.31% to 0.7072 compared to the opening levels of 0.7094, after recording a low of 0.7068 and a high of 0.7068.
We followed the Australian economy from the Melbourne Institute reading of consumer expectations of inflationary pressures, which showed accelerated growth to 4.1% versus 3.7% in February, before we saw the economy of China's largest trading partner of Australia economic data disappointing from the war Which broke out between Beijing and Washington in the middle of last year and which is currently witnessed between the two parties.
On the other hand, investors are currently waiting for the US economy to read the index of claims for the week ending on March 9th, which may reflect a rise of 2 thousand requests to 225 thousand applications, in conjunction with the publication of the index of import prices, which may reflect a rise of 0.3 Versus 0.5% in January, while the annual reading of the index may point to a decline of 1.6% from 1.7%.
To reveal the housing market data for the largest economy in the world with the release of the new home sales index, which may reflect a slowdown in growth to 0.2% to about 622 thousand homes compared to 3.7% at about 621 thousand homes in December, US Senator Robert Portman expressed his confidence in US Trade Representative Robert Laitheizer and his country's strong position in the ongoing trade negotiations with China.
Technical Analysis
The AUDUSD is trading in a slightly bearish direction on its way to a fresh test of 0.7044. The price is affected by Stochastic and SMA 50, but the upside is still valid for today based on stability above the mentioned level. Going towards our positive targets that start at 0.7152 and extend to 0.7250.
Keep in mind that breaking 0.7044 will stop the suggested positive scenario and press the price to drop again, beginning with negative targets at 0.6900.
The trading range for today is expected among the support at 0.7000 and the resistance at 0.7120
The general trend for today is bullish