The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its fourth session retreat from its lowest level since January 3 against the US dollar following developments and economic data that followed on the Australian economy and on the eve of economic developments and data expected on Friday from Ahead of the US economy, the world's largest economy.
At 03:04 GMT, the AUDUSD rose 0.13% to 0.6932, compared to the opening levels of 0.6923, after hitting its highest since June 13 at 0.6938, while its lowest The trading session is at 0.6197.
We have followed the Australian economy to reveal the preliminary reading of the Industrial Purchasing Managers Index, which expanded to 51.7 compared to 51.0 last May. The preliminary reading of the Purchasing Managers' Index showed a widening of 53.3 versus 51.5 in May. This comes hours after Reserve Bank of Australia Governor Philip Lo said interest rate expectations were again unrealistic.
In the same vein, Governor of the Central Bank of Australia said that the decision to cut short-term benchmark interest rates is still on the table, with the exclusion of that. He also praised the strength of the labor market and the expanded number of jobs that have been added to the Australian economy in recent years. The implications of trade protectionism and the trade war between the United States and China, Australia's largest trading partner.
On the other hand, investors are currently waiting for the US economy to disclose the preliminary reading of the PMI industrial and service index market for the United States, the largest industrial world, amid expectations for the stability of the expansion of the industrial sector at 50.5, unchanged from the previous reading of the previous month, compared to 50.6 In May, and the service sector expanded to 51.0 compared with the initial reading of 50.9 versus 53.0 in May.
To the release of housing market data with the Existing Home Sales Index reading, which may reflect a 1.2% rise to 5.29 million homes versus a 0.4% drop at 5.19 million homes last April, before we see a member of the Federal Open Market Committee Fed Governor Lyle Prinard at the opening of the monetary policy summit of the Federal Reserve Bank of Cloveland in Cincinnati.
Technical Analysis
AUDUSD continues to be positive to gradually approach our first target at 0.6970, awaiting further upside to test 0.7044, which is our main positive target.
Therefore, we continue to extend the bullishness over the intraday basis unless the level of 0.6865 is broken and stability below it.
The trading range for today is among the key support at 0.6880 and resistance at 0.6970.
The general trend for today is bullish.