The Australian dollar fell during the Asian session to see its rebound for the second consecutive session of its highest since April 24 against the US dollar amid a lack of economic data earlier this week by the Australian economy and on the eve of developments and economic data expected Tuesday by the US economy larger World economy.
At 04:45 GMT, the Australian dollar fell 0.17% to 0.7023, the pair's lowest level in five weeks and during the session compared to the opening at 0.7033, while the pair reached a high of 0.7034
US investors are eyeing the release of housing market data with the Home Price Index reading, which may reflect slowing growth to 0.3% versus 0.4% in April before we see the Existing Home Sales Index showing a rise of 2.5%. To 5.35 million homes, down 0.1% from 5.34 million in May and coinciding with the Richmond Industrial Average reading, which could widen to 5 to 3 in June.
AUDUSD fluctuates slightly negative on its way to a possible test of the pivotal support floor 0.6975, Stochastic remains intact, while SMA 50 provides positive support for the price, pending a bullish move to resume the uptrend in the coming sessions, targeting 0.7140 Mainly.
Therefore, we will maintain our bullish trend unless the level of 0.6975 is broken and stability below it.
The trading range for today is expected among the support at 0.6980 and the resistance at 0.7100
The general trend for today is bullish.