The Australian dollar fluctuated in a tight range slipping into the Asian session against the US dollar following the economic developments and data that followed it on the Australian economy and on the brink of the decisions and directions of the Reserve Bank of Australia in addition to the developments and economic data expected Tuesday by the US economy, the largest economy in the world.
At 02:50 GMT, the AUDUSD fell 0.06% to 0.7108 compared to the opening levels at 0.7112, after reaching a low of 0.7102, while the highest at 0.7119.
On the Australian economy, Australian housing data was released with a reading of building permits, which showed growth accelerated to 19.1% from 2.3% in January, down from expectations of a 1.7% decline. To 12.5% versus 28.60%, beating expectations that the decline would drop to 27.0%.
Otherwise, the markets are currently looking at the Bank of Australia's decision on interest rates and Australia's interest rate reserve, amid expectations of short-term interest rates at 1.50% for the 29th meeting in a row, hours before the Australian government's annual public budget By the Australian Treasury.
On the other hand, investors are looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 1.1% drop from January's + 0.3%. While the core reading of the index itself may rise 0.3% from 0.2% in January.
Technical Analysis
The AUDUSD was unable to stay within the ascending channel to exit and exit under negative pressure from SMA 50 and fall below the support of 0.7097 and approach the next support 0.7065
The Stochastic moved sideways near the oversold area and tried to climb but failed.
All in all, we continue to push the upside move consistently above 0.7044, with our main target expected at 0.7250.
The trading range for today is among the key support at 0.7026 and resistance at 0.7152
The expected general trend for today: neutral