24.01.2019
The Australian dollar fell during the Asian session to see a rebound to the sixth session in ten sessions of the highest since December 13 against the US dollar following developments and economic data that followed the Australian economy and on the eve of developments and data expected Thursday by the US economy, the largest economy the world.
At 02:27 GMT, the AUDUSD fell 0.10% to 0.7135, compared to the opening levels at 0.7142, after reaching a low of 0.7133, while the highest at 0.7167.
On the Australian economy, the preliminary reading of the Industrial and Service Purchasing Managers Index for January showed a mixed performance with the industrial sector expanding to 54.3 versus 54.0 in December, and the service sector contracted to 51.0 Compared with 52.7 in December.
This came ahead of the release of Australian labor market data, which reflected a drop in the unemployment rate since the middle of 2011 to 5.0% from the previous November reading and 5.1% expectations, The pace of job creation to about 21.6 thousand added against about 39.0 thousand added, exceeding expectations of about 17.3 thousand added.
On the other hand, investors are currently waiting for the US economy to read the index of claims for the week ending on January 19, which may reflect a rise of 6 thousand applications to 219 thousand requests in the previous weekly reading, before we see the disclosure of the preliminary reading of the index Industrial and service procurement managers are out of the US and the leading indicators for last month are released.
Technical Analysis
The AUDUSD is trading in a negative territory to stay away from 0.7165. The negative effect of the double top pattern remains effective, awaiting further downside in the coming sessions, supported by Stochastic negativity.
Our expected targets start at 0.7044 and 0.7000, while stability below 0.7165 is required.
The trading range for today is expected among the support at 0.7040 and resistance at 0.7170
The general trend for today is bearish
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