The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its rebound to its third-lowest session since March 20 against the US dollar following developments and economic data that followed it on the Australian economy and on the eve of developments and economic data expected Monday by the US economy.
At 03:17 GMT, the AUDUSD rose 0.11% to 0.7122 compared to the opening levels of 0.7115, after reaching a high of 0.7129, while reaching a low of 0.7104. The pair ended last week at 0.7096 before opening the week at a bullish price gap.
On the Australian economy, the AIG Manufacturing Index (AIG) showed a contraction of 51.0 versus 54.0 last February, before we saw the inflation gauge reading by the Melbourne Institute (MI) ), Which showed accelerated growth to 0.4% from 0.1% in February, and the annual reading of the index accelerated growth to 2.1% compared to 1.7%.
This came before we saw the release of the Australian National Bank of Business Confidence Index, which showed stability at zero levels from 2 in February, while the same indicator of business conditions showed a 7 to 4 increase in February, Investors are currently to issue a new Home Sales Index by the Housing Industry Association and the Commodity Price Index for the month of March.
Markets are also looking to unveil Tuesday the RBA's interest rate decision and the Australian Central Bank's interest rate statement, amid expectations that interest rates will remain at 1.50% for the 29th consecutive meeting before the Australian government's annual budget is also seen by Treasury Australia.
On the other hand, investors are currently waiting for the US economy to reveal a reading of retail sales, which accounts for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could accelerate growth to 0.3% from 0.2% in January, while The core reading of the index itself may show a slowdown in growth to 0.4% from 0.9% in January.
The markets are also looking for the final PMI reading from Markit for the US last month, which may reflect the stability of the widening at 52.5 vs. 53.0 in February, before the ISI Manufacturing Index, which may show a widespread to 54.3 Compared to 54.2 in February, in conjunction with the January Wholesale Inventories reading.
Technical analysis:
The AUDUSD is trading slightly higher above SMA 50 and is stabilizing within the bullish intraday channel, which is supported by the positive sign from Stochastic.
Our main awaited target resides at 0.7250, noting that its achievement requires stability above 0.7044.
The trading range for today is among the key support at 0.7060 and resistance at 0.7180.
The general trend for today is bullish.