The Australian dollar fluctuated in a narrow range inclined during the Asian session to see its fifth session rebound in seven sessions from its lowest since June 21 against the US dollar following developments and economic data that followed on the Australian economy and on the eve of developments and economic data expected on Thursday from Ahead of the US economy, the world's largest economy.
At 02:28 GMT, the AUDUSD rose 0.17% to 0.7022, compared to the opening levels of 0.7010, after reaching a high of 0.7027, while reaching a low of 0.7006.
We have followed the Australian economy to reveal data on the labor market, which showed the stability of unemployment rates, unchanged from last May, in line with expectations at 5.2%, with the reading of the index of change in employment decreased to 0.5 thousand from 45.3 thousand in May / May, below expectations of 9.1K, and coinciding with a reading of the Business Confidence Index rose to a value of 6 versus 1 decline in the first quarter.
The Reserve Bank of Australia's monetary policy meeting minutes reported Tuesday that "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" and that "low interest rates will provide more jobs for Australians And help to make sure that inflation is progressing towards the target. "
On the other hand, investors are currently looking for the US economy reading the index of claims for the week ending on 13 of this month, which may reflect a rise of 7 thousand applications to 216 thousand applications compared to 209 thousand applications in the previous weekly reading, Investors for the week ended on the sixth of this month, down by 23 thousand applications to 1,700 thousand applications against 1,723 thousand applications.
The markets are also looking to the world's largest industrial nations to see the Philadelphia Manufacturing Index, which may reflect a widening to 5.0 versus 0.3 in June, ahead of the leading indices reading, which may show 0.1% growth versus zero- And Federal Reserve Bank of New York Chairman John Williams on monetary policy at the annual meeting of the Central Bank Research Association in New York.
Technical Analysis
The AUDUSD offers new positive trading to test the pivotal resistance of 0.7044, while Stochastic remains negative, awaiting the protection of the suggested negative scenario in our recent reports, which depends on stability below the mentioned level, while its main targets start at 0.6970 and extend to 0.6900 .
The trading range for today is expected among the support at 0.6970 and the resistance at 0.7060
The general trend for today is bearish.