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The Aussie was higher again Tuesday against the US Dollar ahead of the EU Finance Ministers meeting today. Will the Aussie continue this upward trend or will we see a continuation of the Bearish move since the beginning of the year? The consensus is that the pair seems to be headed for lower territory. The pair was trading at 0.9980 (+0.38%) at the time of this writing.

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

 AUD/USD Technicals

  • Previous sessions: AUD/USD traded higher Tuesday hitting 0.9980 at the time of this writing. The pair is still showing overall technical weakness but could continue an uptrend.  
  • Current range: 0.9902 – 1.0006
  • Further levels: Below: 0.9963, 0.9968, 0.9975 Above: 0.9987, 0.9992, 0.9999
  • AUD / USD likely to find support at Wednesday’s low of 0.9857, and resistance at 1.0019.

 

AUD/USD Fundamentals

  • 13:30 – US – Building Permits
  • 13:30 – US – Housing Starts
  • 21:45 – New Zealand – CPI exp. 2.3%
  • 23:30 – Australia – MI Inflation Expectations

 * All times are GMT.

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

 

AUD/USD Sentiment

  • Economists estimate the cost of the Queensland flooding at AUD 20 Billion.
  • US Dollar down today against European currencies on the back of strong European economic data.
  • The Market is highly skeptical that EU policymakers will be able to iron out a comprehensive solution to the EU debt crisis.

Currensee Community: 92% are short, 8% are long. 379 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.