The Australian dollar fell during the Asian session to see its rebound to a third session in five sessions of its highest since May 8 against the US dollar following developments and economic data followed by the Australian economy and on the eve of developments and economic data expected Thursday by the US economy, the world.
At 02:26 am GMT, the Australian dollar fell 0.19% to 0.6915, compared with the opening levels of 0.6928, after reaching its lowest level since late last month at 0.6912. 0.6937.
We followed the Australian economy by the Melbourne Institute reading of consumer expectations of inflationary pressures, which showed a stable growth of 3.3%, unchanged from May. This was before we saw data on the labor market, which showed the stability of unemployment rates at 5.1 , Unchanged from last April, in contrast to expectations for a 5.1%.
We also followed the reading of the Employment Change Index, which fell to 42.3K versus 43.1K in April, beating expectations of 16.0K, hours after Assistant Governor of the Australian Central Bank, Lucy Ellis, delivered a speech entitled "Watching the Invisible Things" In Melbourne and the dumping of assistant governor of the Reserve Bank of Australia to the financial markets Christopher I was brief remarks at the Australian renminbi forum.
On the other hand, the markets are currently waiting for the US economy to reveal the reading of the index of claims for the week of June 7, which may reflect a decrease of 3 thousand applications to 215 thousand requests, in conjunction with the publication of the import price index, which may reflect a decline 0.3% versus 0.3% in April, while the same year's annual reading may show a widening of the decline to 1.4% versus 2%.
Technical Analysis
AUDUSD was able to confirm the support of the bearish flag shown in the picture, reinforcing expectations for the bearishness over the short and medium term, supported by the negative pressure formed by the SMA 50, while recalling that our first target is at 0.6860.
We point out that the above target will push the price towards 0.6707 in the near term, while the expected decline will remain unless the level of 0.7044 is breached and stability above it.
The trading range for today is expected among the support at 0.6850 and resistance at 0.6950.
The general trend for today is bearish.