AUD/USD Apr.01-Aussie Continues Rally Against US Dollar

The Australian Dollar was higher again Thursday against the US dollar, further setting a new high.
The Aussie was trading at 1.0344, up 0.15% at the time of this writing.
Is the Aussie reaching its top?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie traded sideways for a short while after the opening of the session before falling to the day’s low of 1.0326. The Aussie then climbed to 1.0372 by the third quarter of the session before consolidating to its current level.
• From a technical point, the Aussie appears to be overbought and we can expect a correction on some negative news.
• Current range: 1.0309 – 1.0373
• Further levels: Below: 1.0342, 1.0348, 1.0356 Above: 1.0370, 1.0376, 1.0384
• AUD / USD likely to find support at 1.0205, and resistance at today’s high of 1.0373.

 

AUD/USD Fundamentals

• 06:30   Australia   Commodity Prices y/y         Prev. 47.8%
• 13:15   US   FOMC Member Plosser Speaks            
• 13:30   US   Non-Farm Employment Change       Exp. 191K Prev. 192K    
• 13:30   US   Unemployment Rate       Exp. 8.9% Prev. 8.9%    
• 13:30   US   Average Hourly Earnings m/m       Exp. 0.2% Prev. 0.0%    
• 14:00   US   FOMC Member Dudley Speaks            
• 15:00   US   ISM Manufacturing PMI       Exp. 61.1 Prev. 61.4    
• 15:00   US   Construction Spending m/m       Exp. -0.1% Prev. -0.7%    
• 15:00   US ISM Manufacturing Prices       Exp. 83.1 Prev. 82.0    
• All Day   US   Total Vehicle Sales

* All times are GMT.

For the major events due later in the week, see the  AUD/USD forecast.

 

AUD/USD Sentiment

• There is a fair amount of Bullish sentiment on the Aussie, based on that the Aussie is fueled by higher commodity prices, leading the RBA to continue tightening monetary policy and attracting foreign investment in the Aussie.
• From a risk perspective on the Aussie, the currency is currently trading at an all time high, and any negative news could potentially reverse the trend.
• The US reported mixed economic data today. While factory orders dropped unexpectedly in the month of February, first time unemployment claims dropped, although less than expected.
• A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.

Currensee Community: 87% are short, 13% are long. 321 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.