The AUD continued its strong highs against the USD into the new year with a slight pull back. This trend is expected to continue in the week ahead with a number of key data releases by the US Federal Reserve. Here’s a quick update on technicals, fundamentals and community trends.
AUD to USD on high ground
AUD/USD Technicals
- Previous sessions: AUD / USD continuing its upward trend, breaking through to 1.0246 and settling back to 1.0231.
- Current range: 1.0189 to 1.0255
- Further levels: Below: 1.0180, 1.0080, 0.9917, 0.9840, 0.9724, 0.9960, 0.9540, 0.9465, 0.9366 Above: 1.0246, 1.03
- AUD to USD parity remains a strong support line
AUD/USD Fundamentals
- 10:00 US ISM Manufacturing PMI exp. 57.1
- 10:00 US Construction Spending
- 10:00 US ISM Manufacturing Prices
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- U.S. consumer confidence unexpectedly dropped in December but full recovery expected quickly
- Solid US manufacturing growth expected through the first quarter of 2011
- Improvement expected in manufacturing, construction indices
- China shows indications of slower growth
- Currensee Community: 93% are short, 7% are long. 367 open positions in real accounts trading this pair at the moment. The community continues seeing more falls in AUD/USD.
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