The Aussie continued its rally against the US Dollar Tuesday, continuing on the back of an improved economic growth outlook for Australia and China’s interest rate hike. The Aussie was trading at 1.0160 up 0.25% at the time of this writing.
Where is the top of the current Aussie rally?
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie traded higher Tuesday against the US Dollar which was down against almost all other currencies following China’s interest rate hike.
- Current range: 1.0115 – 1.0190
- Further levels: Below: 1.0117, 1.0133, 1.0144 Above: 1.0171, 1.0187, 1.0198
- AUD / USD likely to find support at Thursday’s low of 1.0084, and resistance at 1.0223.
AUD/USD Fundamentals
- 15:00 – US – Fed Chairman Bernanke Testifies
- 15:30 – US – Crude Oil Inventories Exp. 2.2M, Previous 2.6M
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The US Dollar was lower Tuesday following China’s interest rate hike, the second in six weeks.
- Australian economic growth data is mixed. The Australian Reserve Bank is optimistic on the outlook for the year ahead. However, retail sales were lower than expected and construction growth seems to be lagging behind the overall economic growth.
Currensee Community: 90% are short,10% are long. 425 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.
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