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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