AUD/USD Mar.30-Aussie Continues Rally against US Dollar

The Australian Dollar was higher Tuesday against the USdollar, reaching a few year high.The Aussie was trading at 1.0292, up 0.45% at the time of this writing.

Are we looking at a bullish trend going forward or a possible decline?

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

 

AUD/USD Technicals

• Previous sessions: The Aussie traded slightly higher during the first half of the day, reaching a high of 1.0271, and then dropping to 1.0112 by early afternoon. In the second half of the session the Aussie rallied to its current level, its highest level in years.
•  Technical indicators are neutral leaning towards a bullish outlook.
• Current range: 1.0210 – 1.0294
• Further levels: Below: 1.0268, 1.0274, 1.0282 Above: 1.0296, 1.0302, 1.0310
• AUD / USD likely to find support at 1.0113, and resistance at Monday’s high of 1.0314.

AUD/USD Fundamentals

• 07:30   US         Challenger Job Cuts y/y         Past: 20.0%    
• 08:15   US         ADP Non-Farm Employment Change       Exp. 205K Vs. 217K
• 10:30   US         Crude Oil Inventories       Exp. 1.6M Vs. 2.1M
• 20:30   Australia         Building Approvals m/m       Exp. 4.3% Vs. -15.9%    
• 20:30   Australia         Retail Sales m/m       Exp. 0.4% Vs. 0.4%    
• 20:30   Australia         Private Sector Credit m/m       Exp. 0.3% Vs. 0.3%
• 12:00   New Zealand         NBNZ Business Confidence         Past: 34.5

* All times are GMT.

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

AUD/USD Sentiment

• The US dollar rallied today on news that that US policymakers will not wait for uncertainties in the global markets to quiet down before defining monetary policy.
• New Zealand reported today a surplus trade balance in February of 194 NZD up from a deficit in January.
• A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.

Currensee Community: 82% are short, 18% are long. 237 open positions in real accounts