The Australian dollar fluctuated in a narrow range slipping into the Asian session to see its rebound to its second highest session since the beginning of this month against the US dollar following the economic developments and data followed Tuesday by the Australian economy and on the eve of the launch of the meeting of the Federal Open Market Committee in Washington.
At 02:48 GMT, the AUDUSD fell 0.03% to 0.7102 compared to the opening levels of 0.7104, after reaching a low of 0.7090, while the pair reached a high of 0.7111.
We have followed the speech of Assistant Governor of the Reserve Bank of Australia, Trevor Kent, under the title "Bonds and Standards" at the Sydney Summit of Kangnos, before we see the minutes of the Reserve Bank of Australia meeting held on the fifth of this month, Cash rates were set at 1.50% for the 29th consecutive meeting, which was then agreed.
We also followed the Australian economy to reveal housing market data with the release of the house price index, which showed a widening of the decline to 2.4% compared to 1.5% in the third quarter, worse than expectations of a broad decline to 1.9%. In the same context, the annual reading The same index also widened to 5.1% from 1.9% in the previous quarter's previous reading, also worse than expectations for a 5.0% decline.
On the other hand, investors are now eyeing the FOMC meeting on Wednesday and Wednesday amid expectations that Fed policymakers will keep interest rates at between 2.25% and 2.50% and move forward in reducing bond buybacks With $ 50 billion a month and market pricing to raise the federal funds rate once this year.
Investors are also looking to expose FOMC members to expectations of growth and unemployment as well as inflation and future interest rates for the next three years ahead of Fed Chairman Jerome Powell's forthcoming press conference, which recently announced the Fed's intention to be patient and monitor economic data before resuming policy tightening. Cash or not
Technical Analysis
The AUDUSD continues to fluctuate towards the SMA 50 which is holding back the price action, and the price needs to break above this barrier to confirm the continuation of the uptrend during the coming sessions, with our next target at 0.7250.
In general, we continue to extend the bullishness over the intraday basis unless the level of 0.7044 is broken and the daily closing is below it.
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