The Australian dollar fluctuated in a tight range slipping towards the Asian session to see a rebound for a fourth straight session since February 27 against the US dollar amid tight economic data by the Australian economy and Federal Open Market Committee member and Federal Reserve Bank Chairman Eric Rosengren in Hong Kong and on the eve of economic developments and data expected Tuesday by the US economy, the largest economy in the world.
At 02:34 GMT, the AUDUSD rose 0.10% to 0.7119, compared to the opening levels of 0.7109, after reaching a low of 0.7107, while reaching a high of 0.7128.
The markets are currently waiting for the US economy to release housing market data with the Housing Starts and Building Permits reading, which may reflect a decline in February. Building permits are expected to show a 1.3% drop to 1,300K versus 1.40 To 1.345 thousand, and the reading of the starts index may show a decline of 0.8% in 1,220 thousand households against a rise of 18.6% at 1,230 thousand homes.
This comes ahead of the reading of the Home Price Index, which may reflect the acceleration of growth to 0.4% versus 0.3% last December, leading to the Consumer Confidence reading, which may reflect a widening to 132.1 vs. 131.4 in February, In conjunction with the release of the Rachamund Industrial Index, which may show a widening contraction to 12 versus 16 in February.
Technical analysis:
The AUDUSD continues to rise above and above the 0.7120 level, supporting expectations for a continuation of the bullish trend over the coming period, spurred by the positive cross from Stochastic now, awaiting a visit to 0.7250 mainly.
Stability above 0.7044 is important for the continuation of the suggested bullish wave, as breaching it will put the price under negative pressure starting with its main targets at 0.6900.
The trading range for today is expected among the support at 0.7080 and the resistance at 0.7200.
The general trend for today is bullish.