The Australian dollar fell during the Asian session to witness a rebound for the second session in four sessions from its highest since late October, when it tested the highest since July 26 against the US dollar following the developments and economic data that followed from the Australian economy and on the threshold of developments and economic data Expected on Friday by the US economy which includes the speech of members of the Federal Open Market Committee.
At 04:31 am GMT, the AUDUSD fell 0.22% to 0.6883 levels, compared to the opening levels of 0.6898, after the pair reached its lowest level during the session at 0.6876, while achieving the highest at 0.6906.
The Australian economy followed the release of the Home Loan which showed growth slowed to 1.4% vs. 2.7% in August, worse than expectations for a 2.1% slowdown, coinciding with the Reserve Bank of Australia's monetary policy statement. For the meeting held last Tuesday, it was decided to keep interest rates at an all-time low of 0.75%.
On the other hand, investors are looking forward to the outcome of the FOMC member and the Chairman of the Federal Reserve Bank of New York, John Williams, about the weaknesses in the global financial system during a dinner in New York, and that comes before we see another Fed committee member, the Deputy Governor of the Federal Reserve. Concluding Remarks of the San Francisco Fed Research Conference.
Investors are also awaiting the US economy's final wholesale inventories figure, which could show a 0.3% decline, unchanged from the preliminary September reading and a 0.2% rise in August, coinciding with the release of the University of Michigan's preliminary reading of confidence. Consumers may reflect an expansion to 96.0 vs. 95.5 last October.
AUDUSD continues to fluctuate around 0.6895 and hold steady below it, and begins fresh attempts to break the support of the bullish intraday channel shown in the picture, to keep the bearish trend scenario intact for the next period, waiting to visit 0.6825 then 0.6755 as the next key targets.
On the other hand, it should be noted that breaching 0.6895 and holding above it will re-activate the bullish corrective scenario, whose first main target is at 0.7015.
Expected trading range for today is between 0.6800 support and 0.6930 resistance.
Expected trend for today: Bearish.