AUD/USD Apr.06–Aussie Down Again Against US Dollar

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The Australian Dollar was lower Tuesday against the US dollar, following data on a deficit Australian trade balance in February.

The Aussie was trading at 1.0342, down 0.21% at the time of this writing.

Where will the Aussie hit Support levels?

Here’s a quick update on technicals, fundamentals and community trends.

 

AUD/USD Technicals

  • Previous sessions: The Aussie started the day lower, falling throughout the early session to a daily low of 1.0289 before noon, and then climbing back up to a high of 1.0367 before consolidating to its current level.
  •  Current range: 1.0289 – 1.0367
  • Further levels: Below: 1.0330, 1.0334, 1.0340 Above: 1.0350, 1.0354, 1.0360
  • AUD / USD likely to find support at today’s low of 1.0289, and resistance at today’s high of 1.0417.

AUD/USD Fundamentals

  • 02:30  Australia Home Loans m/m    Exp. -2.6% Prev. -4.5%
  • 15:30  US  Crude Oil Inventories    Exp. 1.3M Prev. 2.9M

* All times are GMT.

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

AUD/USD Sentiment

  • New US economic data today showed that the US services sector  growth fell in March contrary to expectations.
  • Australia today announced that the trade balance showed a deficit in February, for the first time in the last 12 months.
  • The Central Bank of Australia held the overnight cash rate target at 4.75% for the fourth time in a row.

Currensee Community: 84% are short, 16% are long. 297 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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