The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its fourth session rebound in six sessions from its lowest since May 17, when its lowest since January 3 was tested against the US dollar following developments and economic data that followed it. Australian economy is on the brink of economic developments and data expected Thursday by the US economy, the largest economy in the world.
At 02:38 GMT, the AUDUSD rose 0.06% to 0.6921 compared to the opening levels of 0.6918, after reaching a high of 0.6929, while reaching a low of 0.6916.
We also followed the Australian economy's release of the housing market data with the construction permits reading, which showed a contraction of 4.7% from 13.4% last March, in contrast to expectations of a 0.1% rise. Compared to 25.4%, in contrast to expectations of a decline of 22.4%.
This came in line with the release of the Private Equity Index, which showed a decline of 1.7% compared to a 1.3% increase in the fourth quarter, worse than the 0.5% growth forecast. This comes on the eve of the disclosure of other housing market data by the Industry Association Housing with the release of the new home sales index for April.
On the other hand, investors are currently waiting for the US economy to release the second reading of GDP, which may reflect the largest global economy, 3.1% in the first quarter compared to the previous preliminary reading of 3.2% growth, while the second reading of the Gross Domestic Product Prices stabilized at 0.9%, unchanged from previous reading.
This comes in conjunction with the reading of the index of requests for aid for the week ending May 25, which may reflect a rise of 5 thousand applications to 216 thousand applications compared to 211 thousand requests in the previous weekly reading, and the disclosure of the trade balance index of goods, which may show widening deficit To $ 72.0 billion compared to $ 71.4 billion in March.
And also in conjunction with the initial reading of the wholesale stocks index, which may show a rise of 0.2% against a 0.1% decline in March, before we witness the release of housing market data with the release of existing home sales, which may indicate a slowdown in growth to 0.9% versus 3.8% March, to the talk of Deputy Governor of the Federal Reserve and member of the Federal Open Market Committee Richard Clarda at the New York Economic Club.
Technical Analysis
The AUDUSD shows more sideways and narrow range trading around 0.6920, so there is no change in the bearishness scenario which depends on stability below 0.6945, while our next main target is 0.6800.
The trading range for today is expected among the support at 0.6840 and resistance at 0.6960
The general trend for today is bearish