The Aussie fluctuated in a narrow, bearish range during the Asian session against the US Dollar following its economic developments and data on the Australian economy and amid the prospect of the Reserve Bank of Australia Assistant Governor in charge of Risk Management Committee Jay Debell taking part in a panel discussion at the Conference Forex markets in Sydney are on the threshold of economic developments and data expected on Wednesday by the largest US economy in the world.
At 03:31 am GMT, the AUDUSD fell 0.12% to 0.6791 levels from the opening levels of 0.6799, after the pair reached its lowest level during the session at 0.6778, while the highest level at 0.6809.
The Australian economy followed the release of the Wesbeck Consumer Confidence reading, which showed a 3.6% rise to 100.0 vs. 4.1% decline at 96.5 in July, before we saw the release of the wage price index which showed accelerated growth to 0.6 The figure was 0.5% compared to the previous quarter and 0.5%, while the annual reading of the same index showed stable growth of 2.3% in line with expectations.
On the other hand, the market is currently looking for the US economy to reveal the import price index, which may reflect stability at zero levels against a decline of 0.9% in the previous reading for the month of June, while the annual reading of the same indicator may show the stability of the decline at 2.0% below Little change from what it was in June.
Technical Analysis
AUDUSD stabilizes near 0.6830 and remains below it, noting that Stochastic is clearly losing its positive momentum and starting to provide a negative crossover signal, which supports the chances of resuming the expected bearish trend for the coming period, which depends on stability below the mentioned level. Regularly within the descending channel that appears in the picture, waiting for the initial target of 0.6700.
Expected trading range for today is between 0.6720 support and 0.6830 resistance.
Expected trend for today: Bearish.