The Australian dollar rose during the Asian session to see its rebound to its second-lowest session since January 3 against the US dollar amid a lack of economic data by the Australian economy earlier this week and on the eve of developments and economic data expected Monday by the US economy largest economy In the world.
At 2:14 am GMT, the AUDUSD rose 0.13% to 0.6881, compared to the opening levels of 0.6869, after reaching a high of 0.6882, while achieving a low of 0.6867. That the pair started the week's trading on a low price gap after closing last week at 0.6872 levels.
Markets are looking ahead to Tuesday's Reserve Bank of Australia's release of the minutes of the April 4 meeting of the Reserve Bank of Australia, in which monetary policy makers cut short-term benchmark interest rates by 25 basis points for the first time in nearly three years to 1.25% From 1.50%, which was expected by analysts at the time.
On the other hand, investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect the contraction of the widening to 12.1 versus 17.8 in May before we witness the release of housing market data with the Housing Index reading By the National Association of Home Builders, which may reflect an expansion to the value of 67 versus 66 in May.
This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.
AUDUSD continues to fall to the target of 0.6860, and the price is under continuous negative pressure coming from the 50 MA, reinforcing the chances of continuation of the bearish trend in the coming sessions, noting that the next target extends to 0.6707 after breaking the previous level .
Therefore, we will continue to hold the bearishness on the intraday basis unless the level of 0.6970 is breached.
The trading range for today is expected among the support at 0.6820 and resistance at 0.6920.
The general trend for today is bearish.