AUD/USD June 02– Aussie Down Against US Dollar

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The Aussie traded lower Wednesday against the US Dollar following a generally lower Greenback after a US report of worse than expected private sector employment growth, and lower manufacturing activity.  The Aussie was trading at 1.0659, down 0.12% at the time of this writing.

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

AUD/USD Technicals

  • Previous sessions: The Aussie traded initially higher during the first half of the session, before gradually falling throughout the afternoon  to its current level.
  • Current range: 1.0653 – 1.0753
  • Further levels: Below: 1.0624, 1.0641, 1.0661 Above: 1.0698 1.0715, 1.0735
  • AUD / USD likely to find support at 1.0609, and resistance at a high of 1.0757.

AUD/USD Fundamentals

  • 02:30  Australia     Retail Sales m/m    Exp. 0.4% Prev. -0.5%
  • 02:30  Australia     Trade Balance    Exp. 2.13B Prev. 1.74B
  • 13:30  US     Unemployment Claims    Exp. 416K Prev. 424K
  • 13:30  US     Revised Nonfarm Productivity q/q    Exp. 1.8% Prev. 1.6%
  • 13:30  US     Revised Unit Labor Costs q/q    Exp. 0.8% Prev. 1.0%
  • 15:00  US     Factory Orders m/m    Exp. -0.3% Prev. 3.4%
  • 15:30  US     Natural Gas Storage    Exp. 92B Prev. 105B
  • 16:00  US     Crude Oil Inventories    Exp. -1.7M Prev. 0.6M
  • 23:45  New Zealand     Building Consents m/m     Prev. 2.2%

* All times are GMT.

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

AUD/USD Sentiment

  • The Aussie was boosted by a report that Australia’s economic growth contracted less than expected during the first quarter.
  • US private sector jobs were expected to rise 178k but data shows that it only rose 38k, far below expectations.

Currensee Community: 50% are short, 50% are long. 341 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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