AUD/USD Jan.14 -AUD Rise Against USD Probably Nearing Top

The Australian Dollar was higher today against the US Dollar on the heels of the higher-than-expected US Jobless Claims. The pair is having a hard time holding above parity and seems to be establishing another top.  At the time of this writing the pair was trading at 0.9980 (+0.22%).

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

AUD/USD Technicals

• Previous sessions: AUD/USD traded higher Thursday hitting 0.9980 at the time of this writing.  
• Current range: 0.9934 – 1.0021
• Further levels: Below: 0.9973, 0.9980, 0.9986 Above: 0.9999, 1.0006, 1.0012
• AUD / USD likely to find support at today’s low of 0.9804, and resistance at 1.0019.

 AUD/USD Fundamentals

• 13:30 US – Core CPI m/m exp. No change
• 13:30 US – Core Retail Sales m/m
• 13:30 US – Retail Sales m/m
• 13:30 US – CPI m/m
• 14:15 US – Capacity Utilization Rate
• 14:15 US – Industrial Production m/m
• 14:55 US – Prelim UoM Consumer Sentiment
• 14:55 US – Prelim UoM Inflation Expectations
• 15:00 US – Business Inventories

* 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.
• An unexpected 2.5% increase in Australian home loans does little to offset flooding fears.

Currensee Community: 92% are short, 8% are long. 392 open positions in real accounts trading this pair at the moment. The community is expecting continued lower levels.