The Australian Dollar traded higher today against the US Dollar seemingly topping out its correction of the last few days. The direction of the next major move is critical in determining where the pair is headed. At the time of this writing the pair was trading at 0.9941 (+0.76%).
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: AUD/USD traded higher Wednesday hitting 0.9941 at the time of this writing.
- Current range: 0.9821 – 0.9895
- Further levels: Below: 0.9922, 0.9932, 0.9945 Above: 0.9968, 0.9978, 0.9991
- AUD / USD likely to find support at today’s low of 0.9804, and resistance at 0.9992.
AUD/USD Fundamentals
- 00:30 Australia – Employment Change
- 00:30 Australia – Unemployment Rate
- 13:30 US – PPI m/m Exp. No change
- 13:30 US – Trade Balance
- 13:30 US – Unemployment Claims
- 13:30 US – Core PPI m/m
- 15:30 US – Natural Gas Storage
- 18:00 US – Fed Chairman Bernanke Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- Queensland flooding continues to raise fears of a negative effect on growth due to disruption of the area’s coal exports.
- Surprise increase in Australian Home Loans during November of 2.5%. Expectation was -1%.
- Better than expected Portuguese bond auction results eases concerns over European debt crisis
Currensee Community: 92% are short, 8% are long. 412 open positions in real accounts trading this pair at the moment. The community is expecting continued lower levels.
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