The Australian dollar fluctuated in a narrow bullish range during the Asian session to see its second straight session retreat since January 3 against the US dollar following the economic developments and data that followed it on the Australian economy and on the heels of the decisions and directions of monetary policy makers at the Bank Australia's reserves, data and economic developments are expected Tuesday by the US economy, the world's largest economy.
At 02:46 GMT, the AUDUSD rose 0.13% to 0.7000 from the opening levels of 0.6991, after reaching a high of 0.7004, while the lowest at 0.6981.
We followed the Australian economy by reading the Australian Industrial Group's manufacturing index, which showed a contraction of 42.6 versus 45.6 in March, before we saw the Retail Sales Index showing a slowdown of 0.3% 0.9% in February, beating expectations that the pace of growth slowed to 0.2%.
This came in line with the release of the trade balance, which showed that the surplus narrowed to A $ 4.95 billion from A $ 5.14 billion in February, well above expectations that the spread would widen to A $ 4.49 billion, The Australian central bank's interest rate statement amid expectations of a 25 basis point reduction in benchmark prices to 1.25% from 1.50%.
On the other hand, the markets are currently looking to the US economy for a statistical reading of employment opportunities and job turnover, which may reflect a rise to 7.35 million versus 7.09 million in February, a few hours after the release of labor market data at the end of last week. Showed the lowest unemployment rate in 49 years to 3.6% from the previous March and expectations at 3.8%.
In the same context, we also followed last Friday showed that the index of change in jobs in sectors other than agriculture accelerated the pace of job creation to 263 thousand added jobs compared to 189 thousand jobs added in March, while reading the average income per hour stabilizing the pace of growth at 0.2%, unchanged from March, in contrast to expectations for a faster growth of 0.3%.
Technical Analysis
The AUDUSD has been trading sideways and narrow since yesterday, maintaining stability below 0.7044, so there is no change to the expected bearish scenario over the short term and intraday basis, which depends on the stability below the mentioned level, while the next target resides at 0.6905.
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