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The Aussie traded higher Wednesday, surging to a new high against the US Dollar after the US Fed left its monetary policy unchanged. The Aussie was trading at 1.0857, up 0.69% at the time of this writing.

When will the Aussie reach the top?

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

AUD/USD Technicals

  • Previous sessions: The Aussie traded slightly lower from the opening during the first half of the session, dropping sharply to its low of 1.0778 and staying there for a short while and then surging sharply higher for the rest of the session as of this writing.
  • Technical indicators show a probable correction in the near term as the Aussie is overbought.
  • Current range: 1.0783- 1.0864
  • Further levels: Below: 1.0792, 1.0804, 1.0824 Above: 1.0856, 1.0868, 1.088
  • AUD / USD likely to find support at 1.0677, and resistance at today’s high of 1.0864.

AUD/USD Fundamentals

  • 13:30   US         Advance GDP q/q       Exp. 1.9% Prev. 3.1%    
  • 13:30   US         Unemployment Claims       Exp. 392K Prev. 403K    
  • 13:30   US         Advance GDP Price Index q/q       Exp. 2.2% Prev. 0.4%    
  • 13:30   US         FOMC Member Duke Speaks            
  • 15:00   US         Pending Home Sales m/m       Exp. 1.6% Prev. 2.1%    
  • 15:30   US         Natural Gas Storage       Exp. 38B Prev. 47B    

* 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 consumer prices increased during the first quarter the most in the last 60 months.
  • The US reported today that US durable manufactured goods rose in March.
  • S&P cut Japan’s sovereign debt to negative from stable citing the expected reconstruction costs from the earthquake disaster.

Currensee Community: 64% are short,36% are long. 339 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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