AUD/USD – Falling in Range

AUD/USD continues to lose ground after bouncing short of parity, but is still in the same range.  Will it stabilize or continue dropping? Here’s a quick update on technicals, fundamentals and community trends.

AUD to USD dropping towards 0.9725.

AUD/USD Technicals

• Asian session:  AUD USD rose all the way to 0.9962 but retreated..
• Current Range:  0.9725 to 0.9850
• Further levels in both directions: Below  0.9725, 0.9660, 0.9540, 0.9460, 0.9366. Above 0.9850, 0.9915,  1.0000, 1.0080, 1.0180, 1.0220, 1.03.
• A loss of 0.9725 will accelerate losses.
• AUD/USD Parity still not far away, but a lot of resistance on any move there.

AUD/USD Fundamentals

• 00:30 (Wednesday) Australian Home Loans. Exp. +0.1%.Actual 1.9% – gave a temporary boost to the Aussie.
• 00:30 (Thursday) Australian Employment Change. Exp. +21,300.
• 00:30 (Thursday) Australian Unemployment Rate. Exp. 5.2%.
• 02:00 (Thursday) Chinese Trade Balance. Exp. 21.2 billion.
• 13:30 (Thursday) US Unemployment Claims. Exp. 426K.

AUD/USD Sentiment

• Rumors about a rate hike in China weigh on the Aussie.
• Australian employment data will rock the Aussie. Last week, Australian data was ignored as soon as China released its numbers. This could happen again now.
• US Treasury yields are on the rise. This supports the dollar.
• The RBA’s statement focused on savings instead of the drop in the retail sales and didn’t hint about pausing for a long time. This is a good sign.
• Currensee Community: 94% are short, 6% are long. 417 open positions in real accounts trading this pair at the moment. The community continues seeing more falls in AUD/USD.

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