The Australian dollar rose against the US dollar during the Asian session to see its rebound for the second session in a row against the US dollar on the brink of economic developments and data expected Wednesday by the Australian economy and the US economy, the world's largest economy.
At 04:57 GMT, the Australian dollar was up 0.20% at 0.7195, compared to the opening at 0.7173, after reaching a high of 0.7205, while reaching a low of 0.7152.
Investors are waiting for the US economy to release the trade balance, which could reflect a widening deficit to $ 53.5 billion versus $ 51.1 billion in January, before we see the final reading of the Wholesale Inventories Index, which may show growth slowing to 0.4% Compared with 1.2% in the February preliminary reading and the previous January reading.
The Federal Open Market Committee (FOMC) and Federal Reserve Bank of England Chairman James Pollard on economics and monetary policy at the Hyman Minsky Conference, hosted by Cool College in New York, before we see the publication of the Beige Book report, FOMC Meeting.
Technical analysis:
AUDUSD is resuming its positive trading session to start the 0.7200 test and is getting positive support from SMA 50 so that the upside will continue to be effective over the coming period targeting 0.7250 initially.
Stability above 0.7125 is a precondition for the suggested bullish continuation, as breaching it might press the price to test areas of 0.7085 and 0.7044 before any new attempt to rise.
The trading range for today is among the key support at 0.7125 and resistance at 0.7270.
The general trend for today is bullish.