The Aussie was down against the Greenback Tuesday following confirmation data of an improving US economic recovery and an expected Interest rate decision by the RBA.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie has been steadily dropping throughout the session, reaching a low of 1.0129 late in the afternoon and consolidating back up to 1.0136 as of this writing.
- Current range: 1.0150- 1.0200
- Further levels: Below: 1.0132, 1.0140, 1.0147 Above: 1.0162, 1.0170, 1.0177
- AUD / USD likely to find support at 1.0003, and resistance at 1.0202.
AUD/USD Fundamentals
- 07:30 US Challenger Job Cuts y/y
- 08:15 US ADP Non-Farm Employment Change Exp. 178K
- 10:00 US Fed Chairman Bernanke Testifies
- 10:30 US Crude Oil Inventories Exp. 1.1M
- 14:00 US Beige Book
- 17:30 Australia AIG Services Index
- 19:30 Australia Building Approvals m/m Exp. -3.1%
- 19:30 Australia Trade Balance Exp. 1.56B
- 20:00 US Fed Chairman Bernanke Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The Reserve Bank of Australia (RBA) announced today that it is holding the lending interest rate unchanged at 4.75%. This was expected by traders.
- In the same announcement, the RBA explained the decision was based on expectations of a slowdown in employment growth and a strong Australian currency which will help keep inflation in check.
- US manufacturing data reached its highest level in seven years in February, strengthening the consensus that the recovery of the of US economy is gathering momentum.
Currensee Community: 92% are short, 8% are long. 460 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.
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