AUD/USD June 08- Aussie Lower Against US Dollar on RBA

The Aussie traded slightly lower against the US Dollar Tuesday after the RBA decided to leave the benchmark interest rate unchanged at 4.75% The Aussie was trading at 1.0708, down 0.04% at the time of this writing.

Will the Aussie hold its position against the Greenback for the long term?

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

AUD/USD Technicals

• Previous sessions: The Aussie traded lower at the start of the session, slowly regaining its early loss throughout the session, reaching its current level of 1.0708 as of this writing.
• Current range: 1.0672- 1.0751
• Further levels: Below: 1.0678, 1.0689, 1.0700 Above: 1.0722 1.0733, 1.0744
• AUD / USD likely to find support at 1.0593, and resistance at a high of 1.0774.

AUD/USD Fundamentals

• 02:00   US         FOMC Member Dudley Speaks
• 02:30   Australia         Home Loans m/m       Exp. 2.4% Prev. -1.5%
• All Day   ALL         OPEC Meetings
• 15:30   US         Crude Oil Inventories         Prev. 2.9M
• 19:00   US         Beige Book
• 22:00   New Zealand         Official Cash Rate       Exp. 2.50% Prev. 2.50%
• 22:00   New Zealand         RBNZ Press Conference
• 22:00   New Zealand         RBNZ Rate Statement

*All times are GMT.

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

AUD/USD Sentiment

• A high ranking Chinese official stated today that the US Dollar would continue to weaken against other major currencies.
• The RBA held the key interest rate at 4.75% as expected. The RBA decided to maintain the rate due to an unchanged unemployment rate of 5% and lower prices of raw materials.

Currensee Community: 50% are short, 50% are long. 342 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.