The Aussie continued its rise against the US Dollar Tuesday with the Greenback lower against other currencies due to continuing concerns over the violent unrest in Egypt. The Aussie was trading at 1.0124 up 1.66%, as of this writing. Is the Egyptian unrest cause for genuine concern?
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: AUD/USD has been trading higher Tuesday against the US Dollar due to increased investor trading in other currencies following continuing concerns over Egyptian unrest.
- Current range: 0.9968 – 1.0149
- Further levels: Below: 1.0096, 1.0111, 1.0118 Above: 1.0140, 1.0155, 1.0162
- AUD / USD likely to find support at Thursday’s low of 0.9867, and resistance at 1.0149.
AUD/USD Fundamentals
- Tentative – Australia – HIA New Home Sales m/m
- 12:30 – US – Challenger Job Cuts y/y
- 13:15 – US – ADP Non-Farm Employment Change Exp. 148K
- 15:30 – US – Crude Oil Inventories Exp. 2.4M
- 22:30 – Australia – AIG Services Index
- 22:30 – US – FOMC Member Duke Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The Reserve Bank of Australia (RBA) left the cash rate unchanged at 4.75%, as expected.
- The Reserve Bank of Australia (RBA) is optimistic about the Australian economy and expects inflation to remain in-line with expectations of 2-3%.
- US data on construction spending lags behind other improving US economic data, having fallen 2.5% in December to its lowest level since July 2000.
Currensee Community: 95% are short, 5% are long. 415 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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