The Australian dollar fell during the Asian session to see the continuation of the decline after the rise of three consecutive sessions of the lowest since January 3 against the US dollar following the economic data by the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy larger World economy.
At 2:18 am GMT, the AUDUSD dropped 0.15% to 0.7040 compared to the opening levels of 0.7055, after recording a high of 0.7068, while a low of 0.7033.
As for the Australian economy, the index of private sector credit (monthly), which maintained the previous values, increased by 0.3%
Investors are currently waiting for the US economy to read the Labor Cost Index, which may reflect a stable 0.7% growth, unchanged from the fourth quarter, before we see housing market data released with the S & P House Price Index Growth accelerated to 0.2% from 0.1% last February, and the same index showed accelerated growth to 3.7% versus 3.6%.
Leading to the Chicago PMI reading, which could extend to 59.1 vs. 58.7 in March, before we see the Existing Home Sales reading, which may show a 1.1% rise from 1.0% in February, Reading consumer confidence, which could rise to 126.2 versus 124.1 in March.
This comes on the eve of the opening of the FOMC meeting in late April and early May amid expectations that Fed monetary policy makers will keep short-term benchmark interest rates at between 2.25% and 2.50% and work to reduce Cut bond purchases before they are frozen by September.
Technical Analysis
AUDUSD continues to fluctuate around the 0.7044 level. We note that there is a contradiction between Stochastic and SMA 50, which keeps us neutral until now, waiting to break the mentioned support or breaching 0.7135 resistance to determine the next target more precisely.
The break of support will press the price to resume the bearish trend with the next key target at 0.6800, while breaching the resistance will lead the price to gains starting at 0.7250.
The trading range for today is among the key support at 0.6970 and resistance at 0.7120
The expected general trend for today: neutral