AUDUSD Analysis 03.12.2018

The Australian dollar fluctuated in a tight range slipping during the Asian session to narrow a limited part of the rising price gap that the pair initiated this week and the current month against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and economic data expected on Monday by The US economy is the largest economy in the world, including the FOMC meeting in New York.

At 02:53 GMT, the Australian dollar fell 0.15% to 0.7360, compared to the opening levels of 0.7371 after the pair reached a low of 0.7348, while its highest since August 21, Last August at 0.7384, knowing that the pair closed last week and last November at 0.7306.

We have followed the Australian economy to release the Australian Industrial Group's (AIG) manufacturing index, which showed a narrowing of the widening to 51.3 versus 58.3 last October before we saw the inflation gauge reading by the Melbourne Institute (MI) Which showed stability at zero levels versus 0.1% growth in October, while the annualized reading showed slower growth to 1.6% versus 1.9%.

This came ahead of the release of the housing market data, with a reading of the Building Permits Index, which showed a 1.5% drop from 5.5% last September, worse than the 1.4% drop. Compared to 14.1%, beating expectations that the decline will decline to 14.0%.

In conjunction with the release of preliminary data for the Australian labor market with the publication of the job ads index, which showed a decrease of 0.3% compared to a rise of 0.3% in October, and the publication of the index of corporate operating profits, which showed growth slowed to 1.9% compared to 2.4% in the second quarter in contrast to expectations for accelerated growth to 2.9%.

Otherwise, investors are now waiting to see the November CPI reading at 5:30 am GMT, ahead of Australian Central Bank decision on interest rates on Tuesday and Australia's third-quarter growth data released tomorrow Wednesday, in addition to the disclosure of monetary policy statement by the Reserve Bank of Australia later this week.

On the other hand, investors are currently waiting for what Federal Reserve Governor Richard Clareda will say in an interview with Bloomberg News & Broadcast prior to Federal Reserve Deputy Governor Randall Quarles on Economic Outlook and Monetary Policy at the Council on Foreign Relations in New York.

Before another Federal Open Market Committee member, Federal Reserve Bank of New York Chairman John Williams, took stock of the opening remarks at the US Treasury Bank's Structural Development Conference hosted by the Bank of New York, leading to the final reading of Markit's PMI by month Which may reflect the widening stability at 55.4 and 55.4 in October.

In the same context, the index of the Industrial Supply Institute (ISI) for the past month may reflect a contraction of 57.5 versus 57.7 in October, and the index itself may show a price index of 70.1 versus 71.6, Which could reflect a 0.4% rise versus stability at zero levels in September.

To Federal Reserve Vice Governor Lyle Bernhard at the Structural Development Conference of the US Treasury, just hours before Fed Chairman Jerome Powell told the Joint Economic Committee of Congress on Wednesday about the economic outlook in Washington. The economy and rural America in the annual event of the Housing Assistance Council also in Washington.

Technical analysis:

The AUDUSD starts today with a significant rally approaching the 0.7400 barrier and is getting positive support from Stochastic and SMA 50, awaiting further upside in the coming sessions as the price within the ascending channel appearing in the image is organized, At 0.7437.

Stability above 0.7277 and 0.7240 is important for the continuation of the expected rally.

The trading range for today is expected among the support at 0.7300 and the resistance at 0.7440.

The general trend for today is bullish.