The Australian dollar fluctuated in a narrow, bearish range during the Asian session against the US dollar after the Reserve Bank of Australia Assistant Governor in charge of Risk Management Committee Jay Debell delivered a speech entitled "Balance of Payments" at the Australian Economic Association luncheon in Canberra and on the eve of the upcoming economic developments and data. Tuesday by the largest US economy in the world.
At 02:59 AM GMT, the AUDUSD fell 0.04% to 0.6772 levels from the opening levels of 0.6775, after hitting a session low of 0.6764 and a high of 0.6780.
Investors are currently awaiting the US economy to release the housing market data with the release of the house price index which may reflect the accelerated pace of growth in June to 0.2% compared to 0.1% in May, while the reading of the same indicator for the second quarter may show a slowdown The pace of growth to 0.2% versus 0.1% in the first fourth last.
This comes in conjunction with the release of the S&P House Price Index, which may show the pace of growth accelerated to 2.5% vs. 2.4% last May, and before we see the release of the Consumer Confidence reading which may show a widening of the expansion to 129.3 vs. 135.7 Last July, coinciding with the release of the Richmond Manufacturing Index, which may show contraction shrank to 2 vs. 12 in July.
Technical Analysis
AUDUSD will be trading around 0.6760, and is trading within a bearish triangle awaiting confirmation of its breach to consolidate expectations that the main bearish trend will continue.
In general, we continue to favor the bearishness over the coming period provided stability below 0.6830, noting that our first target is to break 0.6700 to open the way towards 0.6615 as a next stop.
Expected trading range for today is between 0.6700 support and 0.6800 resistance.
Expected trend for today: Bearish.