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.
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