The Australian dollar fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce for the second consecutive session from the lowest since March 18 of 2009 against the US dollar amid the scarcity of economic data at the beginning of this week by the Australian economy and on the cusp of developments and economic data Expected today, Tuesday, by the US economy, the largest economy in the world, which includes the speech of members of the Federal Open Market Committee.
At exactly 02:33 AM GMT, the Australian dollar pair rose against the US dollar by 0.21% to 0.6619 levels, compared to the opening levels at 0.6604, after the pair achieved its highest during the trading session at 0.6621, while achieving the lowest at 0.6600.
Investors are now looking to the US economy to reveal the housing market data with the release of the house price index reading, which may show an acceleration of growth to 0.4% compared to 0.2% last November, and the annual reading of the S&P House Price Index also showed that the growth accelerated to 2.8% vs. 2.6% in the prior annual reading for November.
This comes before we witness the speech of a member of the Federal Committee and Chairman of the Dallas Federal Reserve Bank Robert Kaplan at the Kansas City Real Estate Seminar, and before the release of the consumer confidence index, which may appear widening to 132.6 compared to 131.6 last January, in conjunction with the disclosure of industrial sector data from For the largest industrialized country in the world with the release of the Richmond Industrial Index reading, which may reflect the narrowing of the expansion to 10 compared to 20 in January.
Up to the speech of the Federal Committee member and Deputy Governor of the Federal Reserve, Richard Clarda, regarding the economic and political monetary expectations at the annual conference of the National Association for Business Policy in Washington, and this comes amid the aspiration to reveal, after tomorrow, Thursday, the first reading of the GDP of the United States for the first quarter, which may appear The growth pace of the world's largest economy accelerated to 2.2%, compared to 2.1% in the fourth quarter
The Australian dollar versus the US dollar did not show any strong movement in the previous sessions, to continue fluctuating around the 0.6600 level, and therefore, there is no change to the scenario of the bearish trend that depends on stability below the 0.6670 level, noting that our next main target is at 0.6560.
The expected trading range for today is between 0.6570 support and 0.6640 resistance.
Expected trend for today: bearish.