AUD/USD June 01- Aussie Down Against US Dollar on

The Aussie traded lower Tuesday against the US Dollar following a US report on Chicago PMI.  The data showed a greater than expected fall. The Aussie was trading at 1.0658, down 0.31% at the time of this writing.

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

 AUD/USD Technicals

• Previous sessions: The Aussie fell throughout the first half of the session in to the early afternoon reaching its low f the day. The Aussie then rallied twice during the afternoon, hitting its high of the day before consolidagin to its current level.
• Current range: 1.0676 – 1.0725
• Further levels: Below: 1.0641, 1.0647, 1.0655 Above: 1.0669 1.0675, 1.0683
• AUD / USD likely to find support at 1.0511, and resistance at a high of 1.0757.

AUD/USD Fundamentals

• 00:30   Australia         AIG Manufacturing Index         Prev. 48.4    
• 02:30   Australia         GDP q/q       Exp. -0.9% Prev. 0.7%            
• 07:30   Australia         Commodity Prices y/y         Prev. 32.3%
• 12:30   US         Challenger Job Cuts y/y         Prev. -4.8%    
• 13:15   US         ADP Non-Farm Employment Change       Exp. 177K Prev. 179K                  
• 15:00   US         ISM Manufacturing PMI       Exp. 58.4 Prev. 60.4    
• 15:00   US         Treasury Sec Geithner Speaks            
• 15:00   US         Construction Spending m/m       Exp. 0.4% Prev. 1.4%    
• 15:00   US         ISM Manufacturing Prices       Exp. 81.9 Prev. 85.5    
• All Day   US         Total Vehicle Sales       Exp. 12.9M Prev. 13.2M

* All times are GMT.

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

AUD/USD Sentiment

• The US reported data today on the Chicago PMI for April. The data showed a greater than expected fall to 56.6 (adjusted) from 67.6. The street was expecteting 62.5.
• US Home prices fell more than expected for the month of March, continuing a down trend. In addition, US consumer confidence has declined unexpectedly as well.
• Business confidence in New Zealand surges to a new annual high in April. This raises the possibility that the Central Bank will raise interest rates this year.

Currensee Community: 50% are short, 50% are long. 277 open positions in real accounts trading this pair at the moment.  The community is currently neutral on expectations of future levels of the pair ahead.