AUD/USD Dec. 1 – Choppy Trading in Range

AUD/USD had a rocky start to the new month, falling on one indicator and bouncing up on another. Will it break out of the low range? In which direction? Here’s a quick update on technicals, fundamentals and community trends.

AUD to USD in range

AUD/USD Technicals

• Asian session:  AUD USD dropped to support on GDP and bounced back on Chinese PMI. It remained in range.
• Current Range:  0.9540 to 0.9660.
• Further levels in both directions: Below   0.9540, 0.9460, 0.9366. Above 0.9660, 0.9725,  0.9863,  0.9915,  1.0000, 1.0080, 1.0180, 1.0220, 1.03.
• 0.9660 turned from strong support to strong resistance.
• 0.9540 proved to be strong support.

AUD/USD Fundamentals

• 00:30 Australian GDP. Exp. +0.5%. Actual +0.2%. Disappointment.
• 1:00 Chinese Manufacturing PMI. Exp. 54.8. Actual 55.2. Boosts the Aussie.
• 5:30 Austalian Commodity Prices. Actual 44.4% (year over year).
• 13:15 US ADP Non-Farm Payrolls. Exp. 70K.
• 14:10 US FOMC member Janet Yellen talks.
• 15:00 US ISM Manufacturing PMI. Exp. 56.4 points.
• 15:00 US Construction Spending. Exp. -0.3%.
• 19:00 US Beige Book.

AUD/USD Sentiment

• The American Non-Farm Payrolls is getting closer, and today we have two important indicators that will provide hints towards the NFP.
• North Korean attack on South Korea surprises the world and triggers risk aversive trading. The Aussie is sensitive to this news, but the  Korean tensions are slowly defusing.
• Contagion spreading: Fears that Spain and Italy will also need bailout packages impacts the whole world, not only the Euro. Portugal might receive aid soon. Here’s the latest contagion update.
• Currensee Community: 92% are short, 8% are long. 372 open positions in real accounts trading this pair at the moment. The community continues seeing more falls in AUD/USD.

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