The Australian dollar fluctuated in a tight range slipping towards the Asian session to see its rebound for the second consecutive session of its highest since April 24 against the US dollar amid a lack of economic data earlier this week by the Australian economy and its counterpart the US economy, the world's largest economy .
At 02:26 am GMT, the Australian dollar fell 0.07% to 0.7040, compared to the opening levels of 0.7045, after reaching a low of 0.7037, while achieving a high of 0.7048. The pair closed last week at 0.7042, before starting this week's trading on a bullish price gap.
Investors are currently looking for the Australian economy to give Assistant Governor of the Reserve Bank of Australia to the financial markets Christopher Kent a speech entitled "Commitment to Facilitate Liquidity" at the Bloomberg address in Sydney. This comes before we see next Thursday the Governor of the Reserve Bank of Australia Philip Lowe, "Targeting Inflation and Economic Wellbeing" at the Anika Foundation in Sydney.
On the other hand, markets are looking for the US economy this week to reveal data on the housing market and the service sector and industrial, before the reading of the durable goods demand index next Thursday, which represents about half of consumer spending, which represents more than two thirds of US GDP, This week's release of the preliminary GDP reading for the second quarter, which could reflect the slow pace of growth for the world's largest economy, was at 1.8 percent, the slowest pace of growth in the US economy in two years.
Technical Analysis
The AUDUSD traded slightly negative on Stochastic, but it is still above the previously breached resistance of the descending main channel shown in the image and gets positive support from SMA 50, so the positive scenario remains for the next period, awaiting a visit to the 0.7140 level Main.
Keep in mind that the continuation of the bullish trend requires stability of the price above the level of 0.6985.
The trading range for today is expected among the support at 0.7000 and the resistance at 0.7100.
The general trend for today is bullish.