AUD/USD Apr.18 – Aussie Closes Week Retracing Climb

The Aussie closed the week up against the US Dollar Friday, retracing its gains from the week before on positive Chinese economic data.  The Aussie closed the week at 1.0564, up 0.25% for the day and up 0.1% for the week by the close of Friday’s trading.

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

 AUD/USD Technicals

• Previous sessions: The Aussie traded slightly lower early in the session and then gradually climbed to its daily high by the early afternoon. The Aussie then dipped to 1.0556 before consolidating to its closing level.
• Current range: 1.0512- 1.0579
• Further levels: Below: 1.0536, 1.0545, 1.0553 Above: 1.0570, 1.0579, 1.0587
• AUD / USD likely to find support at 1.0456, and resistance at the all time high of 1.0581.

 AUD/USD Fundamentals

• 10:00   US         NAHB Housing Market Index       Exp. 17 Prev. 17    
• 10:30   US         FOMC Member Fisher Speaks            
• 12:30   US         FOMC Member Fisher Speaks            
• 21:30   Australia         Monetary Policy Meeting Minutes            
• 19th-29th   Australia         NAB Quarterly Business Confidence

* All times are GMT.

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

 AUD/USD Sentiment

• China released data on Friday showing growth of 9.7% for the first quarter, beating expectations of 9.5%. China also reported better than expected industrial production figures and positive retail sales figures.
• The US Federal Reserve is expected to maintain current interest rate levels to help the recovery of the US economy.

 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.