The Australian dollar fluctuated in a narrow uptrend range during the Asian session to witness the rebound for the second consecutive session from the lowest since August 26 against the US dollar following the developments and economic data followed by Monday by the Australian economy and amid the lack of economic data early this Week by the US economy due to the Labor Day holiday there.
At 02:45 am GMT, the Australian dollar against the US dollar rose 0.09% to 0.6728 levels compared to the opening levels at 0.6722, after the pair achieved the highest during the session at 0.6735, while the lowest level at 0.6715, knowing that the pair The week and September started a bearish price gap after closing last week and month at 0.6733.
The Australian Manufacturing Index was released by the Australian Industrial Group (AIG) which showed an expansion to 53.1 vs. 51.3 last July, before we saw the release of the inflation index reading by the Melbourne Institute (MI). ), Which showed steadyness at zero versus 0.3% growth in July.
In addition to the disclosure of the operating profit index of companies which showed accelerated growth to 4.5% compared to 1.7% in the first quarter of last year, exceeding expectations that accelerated the pace of growth to 2.1%, and this coincided with the release of preliminary Australian labor market data with the release of The jobless reading showed a 2.8% decline versus a 0.8% gain in July.
On the other hand, markets are looking forward to the release of several important economic data for the Australian economy tomorrow, including the decisions and directions of monetary policy makers at the Reserve Bank of Australia with the release of the RBA interest rate statement amid expectations of stabilizing for the second consecutive meeting after it was cut in the previous two meetings 25 basis points to 1.00%, before Wednesday's release of Q2 growth data which may reflect the accelerated pace of growth.
On the other hand, by the end of this week, the week looks forward to the release of the US labor market data before we see on Friday the upcoming speech of Fed Governor Jerome Powell and deliver a speech entitled "Economic Outlook and Monetary Policy" at the event hosted by the Swiss Institute for International Studies in Switzerland. Zurich.
Technical Analysis
AUDUSD remains stable without supporting the descending triangle, and the negative effect of this pattern remains valid, supported by negative pressure from SMA 50, pending resumption of the bearish trend which starts with breaking targets at 0.6700 to open the way towards 0.6615.
Recall that the continuation of the bearish wave depends on stability below 0.6830.
Expected trading range for today is between 0.6670 support and 0.6760 resistance.
Expected trend for today: Bearish.