The Australian share market is heading for a rise after positive US data prompted a bounce on Wall Street.

The SPI200 futures contract was up 44 points, or 0.63 per cent, at 6,989 at 0800 AEDT on Tuesday.

The S&P/ASX200 benchmark index finished Monday down just 10.1 points, or 0.14 per cent, at 7,012.5 while the broader All Ordinaries index dropped 13.4 points, or 0.19 per cent, to 7,108.

Overnight Wall Street rebounded on a strong US economic outlook, with the Nasdaq hitting a record high.

The Australian dollar was buying 66.82 US cents at 0800 AEDT from 67.01 US cents on Monday.