The Australian dollar fell during the Asian session in the first session of the week, the current month and quarter to see its rebound from the highest since May 7 against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and economic data expected on Monday by the economy The largest economy in the world.
At 0237 GMT, the AUDUSD fell 0.39% to 0.7003, compared to the opening levels of 0.7030, after reaching a low of 0.6996, while the highest in eight weeks at 0.7036 . The pair opened this week, the current month and quarter, on a bullish price gap after closing the first half of this year at 0.7020.
We have followed the Australian economy to reveal the manufacturing index reading by the Australian Industrial Group, which reflected contraction at a value of 49.4 against a widening at 52.7 in May, before we see the reading of the index of inflation by the Institute of Melbourne (MI) ), Which showed stable stability at zero levels, unchanged from May, while the annual reading of the same index showed that growth slowed to 1.6% from 1.7%.
This came on the eve of the June CPI reading and hours before Tuesday's disclosure of the decisions and directions of monetary policy makers at the Reserve Bank of Australia with the release of the Australian Central Bank's monetary policy statement and interest rates amid expectations of lower leader prices for the second consecutive meeting By 25 basis points to 1.00% from 1.25%, leading to the forthcoming speech by Reserve Bank of Australia Governor Philip Lowe at the Central Bank of Australia's dinner in Darwin.
On the other hand, investors are looking for the US economy to release the final PMI index by Markit from the United States, which may reflect the stability of the widening at 51.0, unchanged from the previous reading of the previous month compared to 50.5 in May, Before we see the Industrial Supply Institute index reading, which may show a narrowing to 51.3 versus 52.1 in May, and the same price index may show a contraction of 52.9 vs. 53.2.
Technical Analysis
AUDUSD came just a few points ahead of our target at 0.7044 and starts to bounce back from there, showing that the price is only at 23.6% Fibonacci correction, especially as Stochastic is showing negative signs now, Downlink Main Channel.
Therefore, these factors support the possibility of starting a bearish wave over the short term and the short term, with the price targeting 0.6900 and then 0.6835 as the next major stations, taking into consideration that the break of 0.7044 will stop the expected decline and lead the price to achieve further gains.
The trading range for today is expected among the support at 0.6930 and the resistance at 0.7044.
The general trend for today is bearish.