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The Australian Dollar rallied against the US dollar Wednesday, setting a new high of 1.0692.
The Aussie was trading at 1.0670, up 1.37% at the time of this writing.
Has  the Aussie reached its top against the Greenback?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

  • Previous sessions: The Aussie traded sharply Wednesday, rising sharply to a 1.0686 early in the session and then backing off to its opening price. The Aussie then jumped sharply to its daily high of 1.0692 by the middle of the session, before backing down to a low of 1.0650 and finally consolidating to its current level.
  • Current range: 1.0534 – 1.0692
  • Further levels: Below: 1.0652, 1.0657, 1.0664 Above: 1.0676, 1.0681, 1.0692
  • AUD / USD likely to find support at 1.0443, and resistance at today’s high of 1.0692.

AUD/USD Fundamentals

  • 08:30   US         Unemployment Claims       Exp. 394K Prev. 412K
  • 10:00   US         Philly Fed Manufacturing Index       Exp. 37.1 Prev. 43.4
  • 10:00   US CB Leading Index m/m       Exp. 0.3% Prev. 0.8%
  • 10:00   US OFHEO HPI m/m       Exp. 0.2% Prev. -0.3%
  • 10:30   US Natural Gas Storage       Exp. 53B Prev. 28B
  • All Day   Australia Bank Holiday

* All times are GMT.

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

AUD/USD Sentiment

  • Australia reported today that prices of exported goods rose faster than prices of imported goods in the first quarter. This has generated expectations of a rate increase by the Australian Central Bank.
  • The Aussie hit a new high today against the Greenback on the back of strong investor sentiment and a desire for higher yielding investments coupled with positive investor sentiment of the Australian economy. With the rate at 4.75% the Aussie is a favorable investment currency.

Currensee Community: 68% are short, 32% are long. 289 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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