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The Australian Dollar rallied against the US dollar Wednesday, setting a new high of 1.0774 on better than expected Australian PPI data, and worse than expected US economic data.

The Aussie was trading at 1.0745, up 0.28% at the time of this writing.

Has the Aussie reached its top?

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

AUD/USD Technicals

  • Previous sessions: The Aussie traded higher early in the session, reaching its daily and high of 1.0774. The Aussie then
    backed off well into the second half of the session, reaching its daily low of 1.0735 before leveling off and  consolidating to its current level.
  • Current range: 1.0668 – 1.0774
  • Further levels: Below: 1.0735, 1.0739, 1.0743 Above: 1.0751, 1.0755, 1.0774
  • AUD / USD likely to find support at 1.0443, and resistance at today’s high of 1.0774.

AUD/USD Fundamentals

  • No major news events are scheduled for Friday, with many countries on Bank Holiday.

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

AUD/USD Sentiment

  • Australia reported today better than expected PPI figures.
  • The Aussie is continuing its rally against the US Dollar, hitting new highs on positive Australian economic news and a generally weaker US Dollar.
  • The Federal Reserve Bank of Philadelphia reported a lower than expected manufacturing index for the month of April, the lowest since November 2010.

Currensee Community: 83% are short, 17% are long. 300 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.