The Australian dollar rose during the Asian session to witness the bounce for the fourth session in seven sessions from the lowest since March 18, 2009 against the US dollar following the developments and economic data followed by the Australian economy and on the eve of developments and economic data expected on Thursday by the US economy Economy in the world.
At 03:37 am GMT, AUDUSD rose 0.31% to 0.6746 levels, compared with opening levels at 0.6725, after the pair reached its highest level during the session at 0.6757, while the lowest level at 0.6710.
The Australian economy followed the release of the housing market data with the release of the Home Loan Index which showed growth slowed to 1.8% from 5.5% in July, worse than expectations for a slowdown to 3.6%, before we saw the release of the The Melbourne Institute's consumer expectations for inflationary pressures rose to 3.6% from 3.1% in September.
On the other hand, investors are awaiting the US economy to release inflation data with the release of the CPI reading which may reflect the stability of growth at 0.1% unchanged from August, while the core reading of the same indicator may show growth slowed to 0.2% vs. 0.3% While the annualized reading of the index may show acceleration of growth at 1.7% vs. 1.8%, the core annual reading of the index may reflect the stability of growth at 2.4%.
This comes in conjunction with the release of the index of claims for the last week on October 5, which may reflect a decrease of 4 thousand applications to 215 thousand applications compared to 219 thousand tabs the previous weekly reading, while the reading of the claims application index may show investors for the past week in September 28 Stabilizes little changed from the previous weekly reading of 1,651 thousand applications.
AUDUSD has not shown any strong movement in the past sessions, continuing to fluctuate around 0.6750, thus, the bearish trend scenario will remain intact for the coming period, supported by stochastic negativity and SMA 50, mainly awaiting a visit to 0.6595, with Remind the importance of stability below 0.6840 to continue the expected decline.
Expected trading range for today is between 0.6680 support and 0.6780 resistance.
Expected trend for today: Bearish.