The Aussie got off to a good start against the US Dollar for the week but fell Tuesday following a surge in demand for the Greenback. The Aussie was trading at 0.9963, down 0.66% at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: The Aussie fell against the US Dollar in trading Tuesday following a good outlook on US retail sales and a rise in US business inventories.
- Current range: 0.9955- 1.0059
- Further levels: Below: 0.9968, 0.9977, 0.9982 Above: 0.9996, 1.0005, 1.0010
- AUD / USD likely to find support at 0.9961, and resistance at 1.0139.
- 08:30 – US – Building Permits Exp. 0.57M
- 08:30 – US – PPI m/m Exp. 0.9%
- 08:30 – US – Core PPI m/m Exp. 0.2%
- 08:30 – US – Housing Starts Exp. 0.55M
- 09:15 – US -Capacity Utilization Rate Exp. 76.4%
- 09:15 – US -Industrial Production m/m Exp. 0.5%
- 10:00 – US -Treasury Secretary Geithner Speaks
- 10:30 – US – Crude Oil Inventories Exp. 1.8M
- 14:00 – US – FOMC Meeting Minutes
- 14:00 – US – Treasury Secretary Geithner Speaks
- 16:45 – New Zealand – PPI Input q/q Exp.0.4%
- 17:10 – Australia – RBA Assist Gov Lowe Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- US Retail Sales are expected to rise 0.5% for the month of January, the seventh consecutive rise. While concern over the health of the US economy remains, this is a good sign that the US economy is on the road to recovery as it is a good indication of a rise in consumer confidence and demand.
- US Business inventories also rose more than expected for the month of December
Currensee Community: 79% are short, 21% are long. 414 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.