The Aussie got off to a good start this week on the back of a weaker US Dollar due to a rising Euro and continuing last week’s upwards closing trend. The Aussie is trading at 0.9991 up just 0.94%, as of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: AUD/USD traded higher Monday on the back of a weaker US Dollar against the Euro. The Aussie uptrend from the close of last week is continuing but investors are bearish in the intermediate and long term on the Aussie.
- Current range: 0.9867 – 1.0023
- Further levels: Below: 0.9883, 0.9988, 0.9992 Above: 1.0001,1.0006, 1.001
- AUD / USD likely to find support at Friday’s low of 0.9830, and resistance at 1.0078.
AUD/USD Fundamentals
- 00:30 – Australia – CPI q/q exp. 0.7%
- 00:30 – Australia – Trimmed mean CPI q/q exp. 0.8%
- Australia – Bank Holiday All Day
- 14:00 – US – S&P/CS Composite-20 HPI y/y exp. -1.4%
- 15:00 – US – CB Consumer Confidence exp. 54.4
- 15:00 – US – HPI (House Price Index) m/m exp. -0.1
- 15:00 – US – Richmond Manufacturing Index exp.23 (improvement)
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- Australian PPI data shows smallest gain in a year due to lower cost of imports (in turn due to a stronger Australian Dollar).
- Investors are still worried about the negative impact of the Queensland flooding on growth, pointing to the recent PPI data that showed the smallest gain in a year.
Currensee Community: 96% are short, 4% are long. 403 open positions in real accounts trading this pair at the moment. The community is Bearish on the Australian Dollar, expecting lower levels of the pair ahead.
Get the 5 most predictable currency pairs