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 released by the Australian economy on Thursday and on the eve of developments and economic data expected Friday by the US economy The world's largest economy.
At 02:26 am GMT, the Australian dollar fell 0.11% to 0.6901, compared with the opening levels of 0.6914, after reaching its lowest since late last month at 0.6891, while the highest in the session at 0.6917.
Investors are currently eyeing the US economy to reveal a reading of retail sales, which accounts for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 0.7% gain versus a 0.2% drop in April, while the core reading of the same index Growth accelerated to 0.5% from 0.1% in April.
This comes before we see the largest industrialized country in the world disclosure of industrial sector data for the month of May with the release of the index of industrial production, which may show a rise of 0.2% compared to a decline of 0.5% in April, while may show reading the index rate of exploitation Energy accelerated growth to 78.0% compared to 77.9% in April.
Leading to the release of the University of Michigan's consumer confidence index, which may reflect a widening of 98.1 versus 100 in May and consumer expectations of inflation for one year ahead and five years to come, Up 0.4% versus stability at zero levels in March.
Technical Analysis
AUDUSD continues to decline gradually approaching our first target at 0.6860, so that the negative scenario remains valid for the coming sessions, with targets reaching 0.6707 in the near term.
SMA 50 supports bearish expectations, noting that a break of 0.6970 will push the price to test the most important resistance for short term trading at 0.7044 before any new attempt to decline.
The trading range for today is among the key support at 0.6840 and resistance at 0.6950.
The general trend for today is bearish.