The Australian dollar rose during the Asian session to see its fifth session rebound in eight sessions from its lowest since May 17, when it tested its lowest since January 3 against the US dollar following developments and economic data that followed on the Australian economy and on the threshold Developments and economic data expected Monday by the US economy, the largest economy in the world.
At 02:33 GMT, the Australian dollar was up 0.23% at 0.6952, compared to the opening levels at 0.6927, the pair's lowest level during the session, while the pair reached a high of 0.6954, This week on a bearish price gap after closing the week and last month at 0.6938 levels.
We followed the Australian economy to release the AIG Industrial Manufacturing Index (AIG), which showed a contraction of 52.7 versus 54.8 last April, before we saw the release of the Corporate Operating Profit 1.7% compared to 2.8% in the fourth quarter, contrary to expectations that accelerated growth to 2.9%.
This came in conjunction with the release of preliminary data for the Australian labor market with the publication of the job index reading which showed a decline of 0.2% compared to a rise of 0.2% in April, and the index of inflation index by the Institute of Melbourne (MI), which showed stability at zero levels compared to Growth of 0.2% in April, and investors are currently awaiting the release of the May Commodity Price Index.
Elsewhere, markets are looking to unveil many important economic data for the Australian economy on Tuesday, including the decisions and directions of monetary policy makers at the Reserve Bank of Australia, with the release of the Australian Central Bank's interest rate statement amid expectations of a 25 basis point reduction to 1.25% from 1.50% , After having been fixed for the 31st meeting in a row at the previous meeting other than expectations.
On the other hand, investors are awaiting the final reading of Markit Industrial PMI by the United States, which may reflect a widening to 50.8 compared to 50.6 in the preliminary reading last month, compared to 52.6 in April.
Before the world's largest industrial nation could see the Industrial Supply Institute index reading, which may show growth accelerating to 53.0 versus 52.8 in April, as the ISI Manufacturing Index may show growth accelerating to 51.5 versus 50.0, And coincided with a reading of the Construction Spending Index, which could reflect a rise of 0.9% from 0.9% in March.
Technical Analysis
The narrow range continues to dominate AUDUSD, which is still below 0.6945, so there is no change in the bearish scenario which is supported by SMA 50, while our next target is 0.6800.
The trading range for today is expected among the support at 0.6840 and resistance at 0.6945.
The general trend for today is bearish.