The Aussie traded lower Thursday against the US Dollar following the Australian Government’s announcement of a flood relief tax. The Aussie was trading at 0.9921 down 0.30%, as of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: AUD/USD traded lower again Thursday.
- Current range: 0.9876 – 0.9995
- Further levels: Below: 0.9900, 0.9905, 0.9916 Above: 0.9932,0.9937, 0.9948
- AUD / USD likely to find support at Friday’s low of 0.9833, and resistance at 1.0022.
- 11:00 – US – Treasury Sec Geithner Speaks
- 13:30 – US – Advance GDP q/q Exp. 3.5%
- 13:30 – US – Advance GDP Price Index q/q Exp. 1.7%
- 13:30 – US – Employment Cost Index q/q Exp. 0.5%
- 14:55 – US – Revised UoM Consumer Sentiment Exp. 73.1
- 14:55 – US – Revised UoM Inflation Expectations
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- Australian Prime Minister Julia Gillard announced today a new tax to help pay for the flood relief.
- The Australian Government pegged the cost of the flood recovery at $5.6B Australian Dollars and estimates the negative effect on economic growth at less 0.5%. Other Analysts estimate the cost of the recovery at closer to $20B Australian Dollars.
- US Initial Jobless claims were higher than expected.
- US Pending Home Sales for December were higher than expected, reaching 2.00%. The market had been expecting a rise of 0.8%, indicative of an improving economy.
Currensee Community: 92% are short, 8% are long. 408 open positions in real accounts trading this pair at the moment. The community sees the Australian Dollar as currently overvalued, expecting lower levels of the pair ahead.Get the 5 most predictable currency pairs