The Australian dollar fell during the Asian session to witness the lowest since February 11 against the US dollar after the disclosure of the minutes of the Australian Central Bank meeting and on the cusp of developments and economic data expected today by the American economy, which includes the speech of a member of the Federal Open Market Committee and President of the Minneapolis Bank The Federal Reserve on the proposal to amend education in Minnesota at the Council of Indian Affairs in Minnesota in St. Paul.
At exactly 03:04 AM GMT, the Australian dollar pair declined against the US dollar by 0.40% to 0.6687 levels, compared to the opening levels at 0.6714, after the pair achieved its lowest in a week at 0.6684, while it achieved its highest during the trading session at 0.6716.
We have followed the Reserve Bank of Australia’s disclosure of the minutes of its meeting held on the fourth of this month in which interest rates were fixed at the lowest ever at 0.75% for the third meeting in a row, and the monetary policy makers of the Australian Central Bank through the minutes indicated that although While there is a justification for expanding interest rate cuts, the decision to keep them ready is to avoid encouraging additional borrowing amid high house prices.
On the other hand, investors are currently waiting for the US economy, the largest industrialized country in the world, to disclose data on the industrial sector with the release of the New York Industrial Index reading, which may reflect an expansion of what amounted to 5.1 compared to 4.8 last January, and that comes before we witness the disclosure of Housing market data with the release of the housing index reading by the National Association of Home Builders, which may reflect stability at $ 75 during January.
The Australian dollar versus the US dollar shows new negative trading with the opening of the day, to approach our first awaited target at 0.6670, awaiting further decline to break this level and opening the way for heading towards our next target that extends to 0.6560.
The stochastic is providing negative signals that support the chances of achieving the required break, so we will continue to suggest the downside trend during the upcoming sessions unless the price rushes to breach the 0.6754 level and hold above it.
The expected trading range for today is between 0.6650 support and 0.6720 resistance.
Expected trend for today: bearish.