Search ForexCrunch

The Aussie closed the week at a new record high against the US Dollar, hitting a high of 1.0978 and closing the week at 1.0968, up 0.39% for the day and up 2.1% for the week by the close of Friday’s trading.  This followed an indication by the US Federal Reserve that the bank had no immediate plans to hike interest rates.

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


AUD/USD Technicals

  • Previous sessions: In the second half of the session Friday the Aussie traded progressively higher reaching a high of 1.0978 and then consolidating to 1.0968 in the final hours of the session.
  • Current range: 1.0882- 1.0978
  • Further levels: Below: 1.0935, 1.0946, 1.0954 Above: 1.0973, 1.0984, 1.0992
  • AUD / USD likely to find support at 1.0850, and resistance at the high of 1.010.

AUD/USD Fundamentals

  • 00:30   Australia         AIG Manufacturing Index         Prev. 47.9
  • 01:30   Australia         MI Inflation Gauge m/m         Prev. 0.6%    
  • 02:30   Australia         HPI q/q       Exp. -0.3% Prev. 0.7%
  • 07:30   Australia         Commodity Prices y/y         Prev. 41.3%
  • 15:00   US         ISM Manufacturing PMI       Exp. 59.9 Prev. 61.2    
  • 15:00   US         Construction Spending m/m       Exp. 0.4% Prev. -1.4%    
  • 15:00   US         ISM Manufacturing Prices       Exp. 83.3 Prev. 85.0    
  • 23:45   New Zealand         Labor Cost Index q/q       Exp. 0.6% Prev. 0.6%

* All times are GMT.

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

AUD/USD Sentiment

  • The Aussie is continuously breaking psychological barriers, and may see new highs in May on the back of bullish sentiment stemming from speculation that the Central Bank of Australia may adopt a change of monetary policy, increasing rates.
  • The US Dep. Of Commerce reported last Thursday that US economic growth slowed to 1.8% in the first quarter, down from 3.1% the previous quarter.
  • Australia reported on Friday that the strength of the Aussie was indicative of an improving economy.

Currensee Community: 53% are short, 47% are long. 277 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.