The Australian dollar fluctuated in a narrow range slipping towards the Asian session, its lowest since January 3, and is preparing for its third consecutive weekly loss against the US dollar following the economic developments and data that followed on the Australian economy and on the eve of economic developments and data expected today Friday by the US economy, the world's largest economy.
At 0220 GMT, the AUDUSD fell 0.06% to 0.6996 compared with the opening levels at 0.7000, after reaching a low of 0.6985, while recording a high of 0.7003.
We have followed the Australian economy by reading the service sector index by the Australian Industrial Group, which showed contraction of contraction to 46.5 compared to 44.8 in March, before we see the disclosure of housing market data with the publication of the Building Permits Index, which showed Down 15.5 percent from 19.1 percent in February.
On the other hand, investors are looking for the US economy to reveal labor market data which may show unemployment stabilizing at 3.8%, unchanged from the previous March reading, amid expectations that the reading of the average hourly earnings index Growth accelerated to 0.3% from 0.1% in March.
This comes in tandem with the Non-Farm Payrolls Index, which may indicate a slowdown in job creation to 181,000 jobs, up from 196,000 jobs in March, amid expectations that the trade balance index will reflect a widening deficit to $ 73.0 Billion compared to $ 72.0 billion in February, and the preliminary reading of the Wholesale Sentiment Index showed growth stability at 0.2%, little changed from February.
Leading to the final reading of the index of the Institute of Supply Services by Markit for the United States, which may reflect the stability of the widening at 52.9 compared to 55.3 in March, before the disclosure of the index of the Institute of Supply Service, which may show a wide to 57.2 compared to 56.1 in March , And we would like to point out, because the provision of services is important in the fact that the service sector in America represents more than two thirds of the GDP there.
Technical Analysis
The AUDUSD is trading in a negative negativity to gradually move away from 0.7044, bolstering expectations of a bearish intraday and short term trend supported by SMA 50, with our main targets expected to start at 0.6905 and extend to 0.6800.
Keep in mind that the continuation of the bearish wave depends on stability below 0.7044..
The trading range for today is among the key support at 0.6920 and resistance at 0.7044.
The general trend for today is bearish.