The Australian dollar fluctuated in a narrow, rising range during the Asian session 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 on Tuesday by the US economy, the largest economy in the world.
At exactly 03:57 am GMT, the Australian dollar against the US dollar rose by 0.05% to 0.7425 levels compared to opening levels at 0.7421, after the pair achieved its highest level during the session's trading at 0.7426, while the pair achieved its lowest level at 0.7410.
The Australian economy followed up the disclosure of housing market data with the release of the house price index reading, which reflected a rise of 0.8% against a decline of 1.8% in the last second quarter, contrary to expectations that indicated a contraction of the decline to 1.6%, while the annual reading of the same index showed slowing growth To 4.5% versus 6.2%.
This came before we witnessed the release of the Australian National Bank of Business Confidence Index reading, which showed an expansion to a value of 12 versus 3 last October, and the same confidence index reading in current conditions showed an expansion to a value of 9 versus 1 in October.
On the other hand, investors are currently awaiting the American economy to unveil the final reading of the productivity index and the cost of work, and it is expected that the reading of the productivity index will confirm a rise of 4.9%, without any change from the initial reading for the third quarter, compared to a growth of 10.1% in the previous reading for the second quarter, While the cost index reading may confirm a decline of 8.9%, unchanged from the previous preliminary reading, and against a growth of 9.0% in the second quarter.
Technical analysis
The Australian dollar against the US dollar resumed its positive trading after testing the support of the bullish intraday channel, to settle above 0.7413 again, which supports the continuation of our expectations for the main bullish trend, which targets 0.7530 as a next positive station.
Consequently, we will continue suggesting the bullish trend for the upcoming period supported by the MA 50, reminding you of the importance of stability above 0.7335 for the continuation of the suggested ascend.
The expected trading range for today is between 0.7380 support and 0.7500 resistance
The expected general trend for today: Bullish