The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its rebound to its third session since February 27 against the US dollar on the eve of economic developments and data expected Thursday by the US economy, the world's largest economy.
At 3:11 am GMT, the AUDUSD rose 0.03% to 0.7126, compared with the opening levels at 0.7123, while the pair reached a high of 0.7136 and a low of 0.7115.
Investors are currently waiting for the US economy to release the import price index, which may reflect slowing growth to 0.4% from 0.6% in February, while the same indicator excluding oil may show stability at zero levels versus 0.1% The index itself contracted to 0.7% from 1.3% in February.
This comes ahead of the release of the preliminary reading of the University of Michigan consumer confidence index, which may reflect a widening of the widening to 98.1 versus 98.4 in March as consumers forecast inflation for one year to come and five years ahead, until the US Treasury issued its half report Per annum on economic policies and the international exchange rate or known as the currency report of the US Treasury.
On Wednesday, the Fed unveiled the minutes of the Federal Open Market Committee meeting held on March 19-20, which focused on patience, monitoring of economic developments and data, with a gradual reduction in bond buybacks until September, Interest rates are between 2.25% and 2.50% in the shadow of stabilizing inflationary pressures near target.
Technical analysis:
The AUDUSD is back to test the SMA 50, which is currently good intraday support at 0.7115, awaiting the resumption of the expected bullish trend for the coming period, with the next target at 0.7250.
Therefore, we will hold our bullish trend unless the level of 0.7044 is broken and stability below it.
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.