The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its rebound to its second-highest session since February 21 against the US dollar following developments and economic data that followed it on the Australian economy and on the eve of developments and economic data expected Thursday by the US economy.
At 02:29 am GMT, the AUDUSD dropped 0.01% to 0.7178 compared with the opening levels at 0.7179, after reaching a low of 0.7165 and a high of 0.7199.
We followed the release of the PMI PMI reading from Australia, with the initial reading of the Industrial PMI showing a widening of 51.0 versus 52.0 in March, while the preliminary reading of the PMI showed a widening to its value 50.5 versus a contraction of 49.3 in March.
This was before we saw data on the labor market, which showed a rise in the reading of unemployment rates to 5.0% in line with expectations compared to 4.9% in February, when the lowest since mid-2011, and accelerated growth in reading the change in employment to 25.7 thousand versus 10.7 A, outperforming expectations at 15.2K, in conjunction with the Business Confidence Index showing a drop to 1 versus 1 in the fourth quarter.
On the other hand, investors are currently looking for the US economy to reveal the reading of retail sales, which accounts for about half of consumer spending, which accounts for more than two thirds of the US gross domestic product, which could reflect a rise of 0.9% versus 0.2% decline in February, as may appear The core reading of the index itself rose 0.7% from 0.4% in February.
This comes in conjunction with the April 13th Jobless Claims reading, which may reflect an 11,000 increase in demand to 207,000 versus 196,000, and the Philadelphia Manufacturing Index, which may reflect a contraction to 11.2 Compared to 13.7 in March, before we saw the initial reading of the PMI Index by the US.
It is expected that the initial reading of the PMI index for America will extend to 52.8 compared to 52.4 in March, while the preliminary reading of the PMI may show a contraction of 55.0 to 55.3, leading to a reading of wholesale stocks that may indicate slower growth To 0.3% versus 0.8% in January. Leading indicators showed growth accelerated to 0.4% from 0.2% in February
Technical analysis:
The AUDUSD is trading sideways with a narrow range near 0.7200 and is getting steady positive support from SMA 50, so the bullish scenario remains likely over the coming sessions, noting that our main awaited target resides at 0.7250, while stability above 0.7125 The first condition for the continued rise of the proposed.
The trading range for today is among the key support at 0.7125 and resistance at 0.7260
The general trend for today is bullish