The Australian dollar fell during the Asian session to see its rebound for the third session of its highest since February 27 against the US dollar following developments and economic data that followed on the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy, the largest economy in the world.
At 02:26 am GMT, the AUDUSD fell 0.42% to 0.7143 compared to the opening levels at 0.7173 after the pair hit a session low of 0.7140 and a high of 0.7175.
The Australian economy unveiled the minutes of the April 2 Reserve Bank of Australia meeting in which it approved the setting of short-term benchmark interest rates at 1.50% for the 30th consecutive meeting. Interest "would likely be appropriate" in the case "that inflation did not move up and unemployment turned to the top."
On the other hand, we have just read the Federal Open Market Committee (FOMC) Chairman and Federal Reserve Bank of America Chairman Eric Rosengren at Davidson College, North Carolina, before we see later today the world's largest industrial producer reading Industrial Production Index May reflect a growth acceleration to 0.2% versus 0.1% in February.
A reading of the Energy Use Rate Index may show growth acceleration to 79.2% versus 78.2% in February before we see the largest economy in the world-disclosing US housing market data with the housing index reading by the National Association of Home Builders, which may reflect a widening to 63 versus 62 last March.
Technical analysis:
The AUDUSD is showing some bearishness with the opening of today's trading after it found it difficult to overcome the resistance of the bullish intraday channel, which might push the price to test the support of this channel around 0.7080 before resuming the major bullish wave.
All in all, we continue to push the main bullish trend steady above 0.7044, noting that we are waiting to visit 0.7250 as the next major target.
The trading range for today is expected among the support at 0.7080 and resistance at 0.7220
The general trend for today is bullish