AUD/USD Jan.6 –Aussie Continues Decline Against USD

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AUD/USD is lower again today, showing continued relative weakness and dropping below support, reaching 0.9998 at the time of this writing. Have we seen the current AUD/USD top?

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

AUD/USD Continues decline

AUD/USD Continues decline

 

AUD/USD Technicals

  • Previous sessions: AUD/USD continued its decline against the US Dollar today trading at 0.9998 at the time of this writing.
  • Current range: 0.9961 – 1.0058
  • Further levels: Below: 0.995, 0.9925, 0.9917, 0.9840, 0.9724 Above: 0.999, 1.0030, 1.0035, 1.0050, 1.0075, 1.0105
  • AUD / USD likely to find support at today’s low of 0.9961, and resistance at 1.0255. 

 

AUD/USD Fundamentals

  • 13:30 – USD Unemployment Claims
  • 15:30 – USD Natural Gas Storage
  • Tentative – USD Treasury Currency Report

* All times are GMT.

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

 

AUD/USD Sentiment

  • USD gained strong momentum today after data from the labor and services sector beat market expectations.
  • Traders seem to be considering the potential for a much larger AUD/USD decline.
  • Short term AUD/USD sentiment is negative
  • US jobs data drives USD higher

Currensee Community: 92% are short, 8% are long. 389 open positions in real accounts trading this pair at the moment. The community expecting a much larger decline in AUD/USD.

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