The Australian dollar fluctuated in a tight range slipping towards the Asian session as it rebounded for the second consecutive session of its highest since July 4 against the US dollar following developments and economic data that followed it on the Australian economy and on the eve of developments and economic data expected on Wednesday by The US economy is the largest economy in the world.
At 0239 GMT, the AUDUSD fell 0.07% to 0.7007, compared to the opening levels of 0.7012, after reaching a low of 0.7006, while the highest at 0.7020.
We followed the Australian economy to release the leading indicators from the Melbourne Institute, which showed a steady decline of 0.3% in June, hours after the Reserve Bank of Australia unveiled the minutes of the Australian Central Bank meeting held on July 2 which During which interest rates were cut by 25 basis points for the second straight session to a record low of 1.00% from 1.25%.
"The board will continue to closely monitor labor market developments and adjust monetary policy if necessary to support sustained growth and inflation target over time," said the minutes of the Reserve Bank of Australia's monetary policy meeting on Tuesday. "Low interest rates will provide more jobs for Australians and help Achieving secure progress towards the inflation target ".
On the other hand, investors are currently looking for the US economy to release housing market data with the Housing Starts and Construction Permits reading for June, expected to see building permits slow to 0.1% for 1,300K vs. 0.3% 1,294 thousand in May, while the start-up homes may show a decline to 0.7% for about 1,260 thousand homes compared to 0.9% at 1,269 thousand homes.
This comes before we see the disclosure of the book report Beige, which is important in being issued two weeks before the meeting of the Federal Open Market Committee, which is one of the pillars on which the monetary policy makers of the Federal Reserve decisions and directions to support and stimulate the US economy, knowing that the next meeting The next federal commission will be held on 30-31 of July.
Technical Analysis
The AUDUSD remains steady below 0.7044, and Stochastic is beginning to turn negative on today's intraday basis, prompting the pair to provide negative trading in the coming sessions targeting 0.6970 and 0.6900 respectively. Level of 0.7044.
The trading range for today is expected among the support at 0.6960 and the resistance at 0.7050
The general trend for today is bearish.