The Australian dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its retracement of the second session from its highest since the ninth of August 2018 against the US dollar, following the developments and economic data that they followed on the Australian economy and on the cusp of economic developments and data expected today, Thursday, by the US economy The largest economy in the world.
At exactly 04:11 AM GMT, the Australian dollar fell against the US dollar by 0.04% to 0.7413 levels compared to opening levels at 0.7416, after the pair achieved its lowest level during the session's trading at 0.7398, while the pair achieved the highest at 0.7419.
On the Australian economy, we have followed up on the disclosure of the construction index reading by the Australian Industrial Group (AIG), which showed an expansion to a high of 55.3 compared to 52.7 last October, and this came before we witnessed the release of the trade balance index reading, which showed the expansion of the surplus A value of 7.46 billion Australian dollars compared to 5.82 billion Australian dollars last September, beating expectations of a 5.83 billion Australian dollars surplus.
On the other hand, investors are currently awaiting the US economy, the release of the aid requests index reading for the past week on November 28, which may reflect a decrease of 3 thousand applications to 775 thousand applications compared to 778 thousand applications in the previous reading. Continuing for the past week, on the 21st of last month, a decrease of 156 thousand applications to 5,915 thousand applications compared to 6,071 thousand applications in the previous reading.
This comes, before we witness the release of the final reading of the Service Provisioning Institute index by Markit on America, which may reflect a contraction in the expansion to 57.5 compared to the initial reading of last month at 57.7 and compared to an expansion of 56.9 in October, all the way to reveal the reading of the Service Provision Institute index from Before the largest economy in the world, which may explain the contraction of the expansion to a value of 56.0 compared to 56.6 in October.
Technical analysis
The Australian dollar against the US dollar managed to touch our first awaited target at 0.7413 and is trying to breach it, which supports the expectations of extending the bullish wave in the intraday and short term, targeting 0.7530 as a next station.
The SMA 50 continues to support the price from below, to reinforce expectations of achieving more gains during the upcoming period, reminding you of the importance of holding above 0.7335 to continue the expected rise.
The expected trading range for today is between 0.7360 support and 0.7480 resistance
The expected general trend for today: Bullish