The Australian dollar rose during the Asian session to see its fifth session retreat in six sessions from its lowest since January 4 and prepare for the first weekly gain in three weeks against the US dollar amid tight economic data by the Australian economy in the last session of the week and on the eve of developments And economic data expected Friday by the US economy, the largest economy in the world.
At 02:41 GMT, the AUDUSD rose 0.30% to 0.7085 compared with the opening levels at 0.7064, after recording a high of 0.7085 and a high of 0.7062.
Investors are currently waiting for the US economy to release the New York Manufacturing Index, which may extend to 10.1 vs. 8.8 in February before the world's largest industrial producer is reading the Industrial Production Index, 0.4% versus 0.6% in January. The Energy Use Index showed accelerated growth to 78.5% versus 78.2%.
Leading to the first reading of the University of Michigan consumer confidence index, which may reflect a widening to 95.5 versus 93.8 in February with the release of consumer expectations for inflation for one year to come and five years ahead, in conjunction with the publication of a statistical employment opportunities and job rotation that may Reflecting a decrease to 7.27 million versus 7.34 million last December.
Technical Analysis
The AUDUSD held steady above 0.7044 after yesterday's test and is starting today with a bullish bias to test the 0.7090 level, waiting for a breach of this level to facilitate the move toward our awaited positive targets, which starts at 0.7125 and extends to 0.7250.
Therefore, the bullish trend will remain likely unless the level of 0.7044 is broken and stability below it.
The trading range for today is expected among the support at 0.7044 and resistance at 0.7150
The general trend for today is bullish