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

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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.

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