The Australian Dollar traded higher Wednesday against the US dollar, following a US report on lower than expected US retail sales.
The Aussie was trading at 1.0509, up 0.70% at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: The Aussie traded slightly up and then sideways for the first half of the session. The Aussie then climbed to a high of 1.0528 before gradually falling to 1.0482 and then consolidating to its present level.
- Current range: 1.0429 – 1.0539
- Further levels: Below: 1.0469, 1.0477, 1.0484 Above: 1.0499, 1.0507, 1.0514
- AUD / USD likely to find support at 1.0391, and resistance at today’s high of 1.0583.
- 02:00 Australia MI Inflation Expectations Prev. 3.6%
- 02:30 Australia New Motor Vehicle Sales m/m Prev. 0.2%
- 13:30 US PPI m/m Exp. 1.1% Prev. 1.6%
- 13:30 US Unemployment Claims Exp. 379K Prev. 382K
- 13:30 US Core PPI m/m Exp. 0.2% Prev. 0.2%
- 14:00 US FOMC Member Duke Speaks
- 14:20 US FOMC Member Kocherlakota Speaks
- All Day ALL G7 Meetings
- 15:30 US Natural Gas Storage Exp. 34B Prev. -45B
- 17:30 US FOMC Member Plosser Speaks
- 18:15 US FOMC Member Tarullo Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- Japan upgraded the level of its Nuclear crisis at the stricken Fukushima Power Plant to a level 7, the highest international nuclear crisis level and the same level as the 1986 Chernobyl nuclear disaster.
- The US reported today that retail sales figures rose less than expected in March.
- The Aussie was higher today on the back of increased demand following signs of an improving global economic growth outlook, especially in light of the Japanese earthquake disaster, continuing unrest in the Middle East and the surging price of oil.
Currensee Community: 76% are short, 24% are long. 257 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.