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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