The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound from its lowest level since March 8 against the US dollar amid a lack of economic data by the Australian economy as it is absent due to Anzac holiday and on the eve of economic developments and data expected Thursday from Ahead of the US economy, the world's largest economy.
At 02:22 GMT, the AUDUSD rose 0.10% to 0.7024 compared with the opening levels at 0.7012, after reaching a high of 0.7032, while the seven-week low at 0.7006.
We followed the Australian economy's export price index for the first quarter of the first quarter, which came 4.5% better than expectations of a decline of 3.4%. While the import price index showed imports drop by -0.5%, against expectations of 0.4%.
In the same context, the reading of the PPI for the first quarter showed a decline in growth of 0.4% from previous values of 0.5%. While the PPI's annual reading showed a decline in growth of 1.9% compared to 2.0% for the previous reading.
Investors in the US economy are looking for a preliminary reading of the GDP for the first quarter, which could show the stability of the world's largest economy at 2.2%, unchanged from the previous quarter, while the preliminary reading of GDP Over the last quarter quarter slowing growth to 1.3% versus 1.8% in the fourth quarter.
This comes ahead of the final reading of the University of Michigan consumer confidence index, which may reflect a widening to 97.1 compared with the April reading of 96.9 versus 98.4 in March, to the disclosure of the US Treasury Department's semi-annual report on International economic policies and exchange rates.
Technical Analysis
AUDUSD is nearing a retest of the previously breached 0.7044, which is the first protection for the continuation of yesterday's suggested negative scenario along with the second resistance at 0.7110, to continue to dampen the bearishness in the coming sessions, mainly targeting 0.6800.
Keep in mind that breaching the above resistance levels will push the price to instantaneous gains starting at 0.7145 and extending to 0.7250.
The trading range for today is expected among the support at 0.6950 and the resistance at 0.7080
The general trend for today is bearish