The Australian dollar fluctuated in a narrowly bullish range during the Asian session, adding to last week's rallies in gains against the US dollar amid a lack of economic data earlier this week by the Australian economy and on the brink of developments and economic data expected Monday by the US economy's largest economy the world.
At 02:26 am GMT, the AUDUSD rose 0.07% to 0.7177 compared to the opening levels of 0.7175 after the pair reached a high of 0.7180 and a low of 0.7164.
Markets are looking to unveil Australia's Reserve Bank of Australia meeting minutes on April 2, during which the monetary policymakers at the Reserve Bank of Australia agreed to set short-term benchmark interest rates at 1.50% for the 30th consecutive meeting, At the time, it was reported that coinciding with the meeting the Australian Treasury revealed the Australian annual budget report.
We would like to point out that the Australian annual budget report by the Treasury Department has discussed the possibility of a surplus in the fiscal year 2020/2021 by 11 billion Australian dollars, amid the expectations of the expansion of the Australian economy during the year 2019 and both 2020 and 2021 by 2.75% Inflationary pressures stabilized at 2.25% in fiscal year 2019/2020 and at 2.5% in fiscal year 2020/2021.
On the other hand, investors are waiting for the US economy to read the New York Industrial Index, which may reflect a widening to the value of 8.1 vs. 3.7 last March, in conjunction with a television interview on CNN-B-C member of the Federal Market Commission Open and President of the Chicago Federal Reserve Charles Evans, before speaking about economics and monetary policy at the New York Business Economics Association luncheon.
Technical analysis:
The AUDUSD continues to rise to begin attempts to overcome the bullish intraday channel resistance appearing in the image, awaiting further bullishness targeting 0.7210 as the next major station.
Overall, we continue to favor the bullish trend in the coming sessions supported by the SMA 50, with the reminder that stability above 0.7027 represents the most important condition for the continuation of the expected rally.
The trading range for today is expected among the support at 0.7100 and the resistance at 0.7210
The general trend for today is bullish