The Australian dollar fluctuated in a narrowly bullish range during the Asian session reversing its second straight session since March 27 against the US dollar following developments and economic data. It’s followed on the Australian economy and on the eve of developments and economic data expected on Monday by the US economy.
At 02:32 GMT, the AUDUSD dropped by 0.09% to 0.7096 in comparison with the opening levels at 0.7101 after recording a low of 0.7090 and a high of 0.7113.
We followed the Australian economy to reveal preliminary data for the labor market with the publication of the job index reading. It showed a widening of the decline to 1.7% compared to 0.8% in February. This came before the US economy disclosure of the factory demand index that may reflect down 0.5% from January's +0.1%.
Technical analysis:
The AUDUSD continues to fluctuate sideways. It is moving around the SMA 50. So there is no change in the bullish uptrend scenario above 0.7044 waiting for a positive incentive to push the price towards 0.7250, which is our next main target.
The trading range for today is expected among the support at 0.7044 and the resistance at 0.7160.
The general trend for today is bullish.