The Australian dollar fluctuated in a tight range slipping towards the Asian session to reflect the resumption of its second session in three sessions since its March 27 high against the US dollar following developments and economic data that followed on the Australian economy and on the eve of economic developments and data expected on Tuesday by the US economy including the FOMC members' talk later in the day.
At 02:27 GMT, the AUDUSD fell 0.04% to 0.7124 compared to the opening levels of 0.7127, after reaching a low of 0.7119, while recording a high of 0.7131.
We followed the Australian economy to reveal the housing market data with a reading of the Home Loan Index, which showed a rise of 2.0% compared to a decline of 2.5% in January, contrary to expectations that indicated a widening decline to 3.0%, and comes hours after the Fund International Monetary Fund said earlier this week that the housing slump in Australia puts the Australian economy in a critical position.
The IMF noted that the Australian housing market, which rose in February for the first time in four months, is worse than initial forecasts and that poor performance of the housing market puts the Australian economy in a situation called critical situation, adding to the need to accelerate the pace of infrastructure spending And the possibility of a reduction in interest rates there, while noting that given the current situation, boosting economic growth is more important to support the economy as a whole.
On the other hand, the markets are currently looking to the US economy for a statistical reading of employment opportunities and job turnover, which may reflect a decline to 7.54 million versus 7.58 million in January, coming hours after the disclosure of labor market data, which showed stability rates Unemployment at 3.8% is in line with expectations in March.
Technical analysis:
The AUDUSD is trading slightly higher in an attempt to move away from SMA 50 and moving within a bullish intraday channel that is expected to contribute to our positive target at 0.7250. We will continue to bias the bullish trend in the coming sessions, while noting the importance of stability above 0.7044 For the continuation of the proposed positive scenario.
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.