AUD/USD Apr.05-Aussie Reverses Trend Against US Dollar

The Australian Dollar was lower Monday against the US dollar, finally reversing the uptrend.
The Aussie was trading at 1.0355, down 0.31% at the time of this writing.
Has the Aussie reached its top?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie dropped sharply mid-session from 1.0377 to1.0339 consolidating to the 1.0355 level for most of the remainder of the session.
• From a technical point, the Aussie appears to be in a predictive correction as we noted previously as the Aussie was seemingly overbought. However traders seem to be taking neutral positions on the currency awaiting further developments to conclude which direction the Aussie will be heading.
• Current range: 1.0336 – 1.0417
• Further levels: Below: 1.0324, 1.0332, 1.0337 Above: 1.0350, 1.0358, 1.0363
• AUD / USD likely to find support at 1.0270, and resistance at today’s high of 1.0417.

AUD/USD Fundamentals

• 12:30   Australia         Cash Rate       Exp. 4.75% Prev. 4.75%    
• 12:30   Australia         RBA Rate Statement
• 10:00   US         ISM Non-Manufacturing PMI       Exp.59.8 Prev.59.7    
• 11:15   US       FOMC Member Plosser Speaks            
• 14:00pm   US         FOMC Meeting Minutes
• 21:30pm   Australia         Home Loans m/m       Exp. -2.6% Prev. -4.5%

* All times are GMT.

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

AUD/USD Sentiment

• Australia today released data showing that inflation rose in March. In addition job openings rose as well for the eleventh consecutive month.
• The US Dollar was higher against other major currencies today on lower trader risk appetite.

Currensee Community: 86% are short, 14% are long. 293 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.