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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