AUD/USD May 03- Aussie Slightly Down Against US Dollar

The Aussie traded slightly lower Monday,  but holding its recent gains  against the US Dollar after the US reported lower manufacturing growth data despite the death of Osama Bin Laden. The Aussie was trading at 1.0960, down 0.11% at the time of this writing.

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

AUD/USD Technicals

• Previous sessions: The Aussie traded slightly lower into the first half of the session, climbing sharply to a new brief record high in the middle of the session and then consolidating to its current level.
• Current range: 1.0922 – 1.1012
• Further levels: Below: 1.0949, 1.0955, 1.0960 Above: 1.0971, 1.0977, 1.0982
• AUD / USD likely to find support at 1.0780, and resistance at today’s high of 1.1013.

AUD/USD Fundamentals

• 04:30   Australia         Cash Rate       Exp. 4.75% Prev. 4.75%
• 04:30   Australia         RBA Rate Statement
• 14:00   US         Factory Orders m/m       Exp. 1.9% Prev. -0.1%
• All Day   US         Total Vehicle Sales       Exp. 13.0M Prev. 13.1M
• 22:45   New Zealand         Building Consents m/m         Prev. -9.7%

* All times are GMT.

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

AUD/USD Sentiment

• The US reported today the death of 9/11 mastermind Osama Bin Laden in his compound near Islamabad by US Special Forces.
• The US reported better than expected construction spending, at 1.4% versus the expected .40% percent. This is a bullish indication for the Greenback.
• The US also reported better than expected data on its national factory activity, falling to 60.4 from 61.2, a lesser decline than was expected.

Currensee Community: 52% are short, 48% are long. 292 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.