The Australian dollar rose during the Asian session to see its fifth straight session retreat since January 3 against the US dollar after Reserve Bank of Australia governor Philip Louis in Canberra on Monday and amid a lack of economic data earlier this week by the US economy The world's largest economy.
At 0212 GMT, the AUDUSD rose 0.33% to 0.6949, compared to the opening levels at 0.6926, the pair's lowest level during the session, while the pair's highest since June 12 at 0.6954.
We have followed the participation of Governor of the Central Bank of Australia Philippe Lowy in a panel discussion at the Australian National University Leadership Forum, in which he said that if everyone is working to facilitate monetary policy, the impact on exchange rates is futile and it is legitimate to ask how the facilitation Monetary policy is effective globally, noting that it is not yet clear whether additional monetary easing will affect the Australian economy.
In the same vein, Lowy pointed out that governments should look at fiscal spending and infrastructure to stimulate economic growth and inflation, less than a week after the central bank unveiled its minutes of its last meeting on April 4, Cash cut interest rates 25 basis points for the first time in nearly three years to 1.25% from 1.50%.
Technical Analysis
AUDUSD is showing a more bullish bullish trend approaching the 0.6970 level, where SMA 50 now faces, and the price needs to breach this level to confirm the extension of the upside wave towards 0.7044.
Overall, the bullish bias will remain bullish for the coming period provided stability remains above 0.6865.
The trading range for today is expected among the support at 0.6900 and the resistance at 0.7020.
The general trend for today is bullish.