The Australian Dollar traded higher Tuesday against the US dollar.
The Aussie was trading at 1.0523, up 0.13% at the time of this writing.
How high will the Aussie go against the Greenback
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie traded lower in the first part of the session falling to the 1.047 range and then trading sideways for a few hours. The Aussie then fell to its low of 1.0449 before gradually climbing throughout the rest of the session, reaching tis high of 1.0531 late in the session before consolidating to its present level. From a technical standpoint the Aussie looks poised to continue to gain against the USD.
- Current range: 1.0443 – 1.0531
- Further levels: Below: 1.0496, 1.0504, 1.0514 Above: 1.0532, 1.0540, 1.0550
- AUD / USD likely to find support at 1.0443, and resistance at Friday’s high of 1.0579.
AUD/USD Fundamentals
- 10:00 US Existing Home Sales Exp. 5.02M Prev. 4.88M
- 10:30 US Crude Oil Inventories Exp. 0.7M Prev. 1.6M
- 21:30 Australia PPI q/q Exp. 1.0% Prev. 0.1%
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The Aussie dipped early in the session on concerns that the European debt crisis is facing rougher times ahead.
Currensee Community: 68% are short, 32% are long. 283 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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