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The Australian Dollar traded higher today against the US Dollar mostly as a result of corrective action.  AUD/USD was trading at 0.9962 (+0.05%) at the time of this writing.

Here’s a quick update on technicals, fundamentals and community trends.

AUD Higher Again Today Against the USD
AUD Higher Again Today Against the USD

AUD/USD Technicals

  • Previous sessions: AUD/USD traded slightly higher Monday reaching 0.9962 at the time of this writing due mostly to a technical correction.
  • Current range: 0.9883 – 0.9983
  • Further levels: Below: 0.9931, 0.9939, 0.9953 Above: 0.9975, 0.9983, 0.9997
  • AUD / USD likely to find support at today’s low of 0.9884, and resistance at Wednesday’s high of 1.0076.

AUD/USD Fundamentals

  • 00:30 AUD ANZ Job Advertisements m/m
  • 00:30 AUD Trade Balance Exp. 2.03B
  • 13:30 USD FOMC Member Plosser Speaks
  • 15:00 USD IBD/TIPP Economic Optimism
  • 15:00 USD Wholesale Inventories m/m
  • 19:00 USD FOMC Member Kocherlakota Speaks
  • Tentative USD Treasury Currency Report

* All times are GMT.

For the major events due later in the week, see the  AUD/USD forecast.

AUD/USD Sentiment

  • U.S. and European markets down today with EURO markets down on debt contagion fears
  • Sentiment on the USD/AUD show a short bullish movement but the overall outlook is bearish.
  • EUR/USD on shaky ground due to possible Portugal bailout

Currensee Community: 92% are short, 8% are long. 390 open positions in real accounts trading this pair at the moment. The community is expecting corrective increases over the next few days for AUD/USD, although overall outlook is bearish, with lower levels expected.