The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its sixth session rebound in seven sessions from its lowest level since January 4 against the US dollar amid tight economic data by the Australian economy in the first session of the week and on the eve of economic developments and data Expected on Monday by the US economy, the world's largest economy.
At 02:41 GMT, the AUDUSD rose 0.13% to 0.7094 compared with the opening levels of 0.7085, after recording a high of 0.7095 and a low of 0.7078.
Investors are eyeing the Australian economy later in the day for what will be the speech by Assistant Governor of the Reserve Bank of Australia, Trevor Kent, under the title "Bonds and Standards" at the Sydney Summit of Kangnos.
On the other hand, markets are looking for the US economy to release the housing index by the National Association of Home Builders, which may reflect a widening to 63 vs. 62 in February, and this comes hours before the launch of the meetings of the Federal Open Market Committee tomorrow and Wednesday in Where Fed policymakers may keep interest rates at between 2.25% and 2.50%.
Technical Analysis
AUDUSD was able to break through the 0.7090 level with today's opening, which supports our bullish outlook for the coming sessions and the price is nearing our awaited first target at 0.7125, noting that exceeding this level will push the price towards 0.7250 as a next stop.
Therefore, the bullish trend will remain bullish for today, provided that the pair maintains stability above 0.7044.
The trading range for today is expected among the support at 0.7060 and the resistance at 0.7200
The general trend for today is bullish