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.

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