The Australian dollar fluctuated in a narrowly bullish range during the Asian session to see its rebound to its second-highest session since July 12 against the US dollar as Australian Reserve Bank of Australia Governor Philip Lowe's speech "Targeting Inflation and Economic Wellbeing" at a banquet The Anika Foundation in Sydney and on the eve of economic developments and data expected Thursday by the US economy, the largest economy in the world.
The Australian dollar rose 0.06% to 0.6981 compared to the opening levels of 0.6977, after recording a high of 0.6984 and a low of 0.6974.
Investors are currently waiting for the US economy to release the Durable Goods Orders, which account for nearly half of consumer spending, which accounts for more than two-thirds of US gross domestic product, which could reflect a 0.8% gain from a 1.3% drop in May. The core reading of the index itself may show a slowdown in growth to 0.2% from 0.4% in May.
This comes in conjunction with the release of the trade balance of goods which may indicate that the deficit shrank to $ 72.4 billion from $ 74.5 billion in May and the initial reading of the Wholesale Inventories Index, which may reflect the acceleration of growth to 0.5% from 0.4% In addition to the reading of the index of claims for the week ending on the 20th of this month, which may reflect a rise of 4 thousand applications to 220 thousand applications.
Technical Analysis
The AUDUSD continues to fluctuate around the support floor, which is now down to 0.6975 without confirming its position on this level, which keeps us neutral until the price confirms a break or a bounce back.
The contrast between Stochastic and Stochastic negativity below 50 SMA provides another reason for neutrality, noting that the break of the mentioned support will press the price to continue the downside and targeting the 0.6832 areas in the near term, while the consolidation above it and the rebound will lead the pair to resume the corrective correction, At 0.7140.
The trading range for today is expected among the support at 0.6920 and the resistance at 0.7020
The expected general trend for today: neutral.