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
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