AUD/USD June 06- Aussie Closes at 3 Week High Against

The Aussie closed the week higher against the Greenback at 1.0716, up 0.45% for the day and up 0.2% for the week by the close of Friday’s trading.  The Aussie rallied to a three-week high against the Greenback following poorer than expected US economic data and increased expectation that the US Federal Reserve will maintain its loose monetary policy.

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

 

AUD/USD Technicals

• Previous sessions: Friday had the Aussie trade sideways in the first art of the session, dipping to its low of the day towards mid-day and then rallying throughout the afternoon, consolidating to its close of the week towards the end of the session. before consolidating to its closing level.
• Current range: 1.0596 – 1.0775
• Further levels: Below: 1.0694, 1.0705, 1.0713 Above: 1.0732, 1.0743, 1.0751
• AUD / USD likely to find support at 1.0588, and resistance at the high of 1.0888.

AUD/USD Fundamentals

• 01:30   Australia         MI Inflation Gauge m/m         Prev. 0.3%    
• 02:30   Australia         ANZ Job Advertisements m/m         Prev. 1.0%    
• 08:30   US         FOMC Member Plosser Speaks    
• 18:15   US         Treasury Sec Geithner Speaks            
• 22:30   US         FOMC Member Fisher Speaks

* All times are GMT.

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

AUD/USD Sentiment

• The Aussie rallied to a 3 week high against the Grenback, on the back of a slew of disappointing US economic data.
• The US reported Friday a much lower than expected increase of non-farm payrolls. The figures showed an increase of 54k, significantly lower than the expected 169k.
• Poor US economic data released last week included an increase in the US unemployment rate from 9.0% to 9.1% in April, and a slump in consumer confidence and manufacturing activity.
• Australia reported in increase in retail sales, but a narrower trade surplus in April.
• The Australian economy contracted 1.2% for the first quarter, higher than the expected 1.0%. This was due to lower exports as a result of the natural disasters to have hit Australia during the first quarter.

Currensee Community: 0% are short, 0% are long. 0 open positions in real accounts trading this pair at the moment.