AUD/USD Apr.12-Aussie Backtracks Against US Dollar

The Australian Dollar was lower Monday against the US dollar, reversing the most recent record setting uptrend.
The Aussie was trading at 1.502, down 0.60% at the time of this writing.
Will the Aussie continue the overall uptrend or will we now see a reversal?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie gradually fell throughout the session dropping sharply in the last hour and reaching its low of the day.
• From a technical point, the Aussie has strong upside momentum yet is in a reactive correction. The current correction will be important in determining the future direction of the currency.
• Current range: 1.0504 – 1.0581
• Further levels: Below: 1.0497, 1.0505, 1.0511 Above: 1.0525, 1.0533, 1.0539
• AUD / USD likely to find support at 1.0329, and resistance at today’s high of 1.0583.

 AUD/USD Fundamentals

• 02:30   Australia         NAB Business Confidence         Prev. 14
• 11:15   US         FOMC Member Dudley Speaks
• 13:30   US         Trade Balance       Exp. -44.1B Prev. -46.3B    
• 13:30   US         Import Prices m/m       Exp. 2.1% Prev. 1.4%
• 15:00   US         IBD/TIPP Economic Optimism       Exp. 45.7 Prev. 43.0    
• 19:00   US         Federal Budget Balance       Exp. -157.5B Prev. -222.5B    
• 19:45   US         FOMC Member Tarullo Speaks            
• 19:50   US         FOMC Member Fisher Speaks

* All times are GMT.

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

 AUD/USD Sentiment

• New Zealand reported today a strong Business Confidence metric in April, in the wake of an improved economic evaluation.
• Japan experienced another 6.3 magnitude earthquake in the Northeastern area of the country, triggering renewed fears of the status of its stricken nuclear power plants and the already huge amount of devastation.

Currensee Community: 78% are short, 22% are long. 279 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.