The Australian dollar fluctuated in a narrow range that tends to decline during the Asian session, to witness its retracement to the second session in three sessions from its highest since the ninth of November, when it tested its highest since September 16 against the US dollar after the developments and the economic data that followed it on The Australian economy is on the cusp of economic developments and data expected today, Thursday, by the US economy, the largest economy in the world.
At exactly 03:57 am GMT, the Australian dollar against the US dollar fell 0.18% to 0.7292 levels, compared to opening levels at 0.7305, after the pair achieved its lowest level during the session's trading at 0.7306, while it achieved the lowest level at 0.7284.
The Australian economy followed up with the disclosure of labor market data with the release of the unemployment rate reading, which showed a rise to 7.0% compared to 6.9% last September, contrary to expectations that indicated a rise to 7.1%, and this came with the employment change reading showing an increase. By 178.8 thousand, compared to a decline of 42.5 thousand in September, also surpassing expectations that indicated a decline of 26.7 thousand.
On the other hand, investors in the US economy are awaiting the release of the aid requests reading for last week on the 13th of this month, which may reflect a decrease of two thousand requests to 707 thousand applications, and this comes in conjunction with the disclosure also by the largest industrial country in the world of sector data Industrials, with the release of the Philadelphia Industrial Index, which may reflect a contraction of the breadth to 22.0, compared to 32.3 last October.
Down to the disclosure of housing market data, with the release of the Existing Home Sales Index reading, which may show a 1.2% decline to about 6.45 million homes, compared to a 9.4% rise at 6.54 million homes in September, in conjunction with the release of the leading indicators reading that may reflect the stability of growth. At 0.7%, little change from the previous reading for September.
The Australian dollar versus the US dollar has shown sideways trading since yesterday, fluctuating around 0.7300, and the price needs to obtain positive momentum that will push the trades to resume the main bullish trend, which mainly targets 0.7413.
In general, we are continuing to suggest the bullish trend for the upcoming period, provided that it is stable above 0.7255 and 0.7210, noting that the SMA 50 supports the suggested bullish wave.
The expected trading range for today is between 0.7240 support and 0.7370 resistance.
The expected general trend for today: Bullish.