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The Aussie continued to trade lower Thursday against the US Dollar following higher than expected US jobless claims, lower Australian retail sales data and lower growth expectations from China. The Aussie was trading at 1.0585, down 1.52% 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 lower for most of the session, trading sideways in the late morning and then continuing its fall to its current level.
  • Current range: 1.0616 – 1.0771
  • Further levels: Below: 1.0579, 1.0598, 1.0613 Above: 1.0647, 1.0666, 1.0681
  • AUD / USD likely to find support at today’s low of 1.0602, and resistance at Monday’s high of 1.1013.

AUD/USD Fundamentals

  • Tentative   Australia         AIG Construction Index         Prev. 39.4        
  • 02:30   Australia RBA Monetary Policy Statement        
  • 13:30   US         Non-Farm Employment Change       Exp. 185K Prev. 216K    
  • 13:30   US         Unemployment Rate       Exp. 8.8% Prev. 8.8%    
  • 13:30   US         Average Hourly Earnings m/m       Exp. 0.2% Prev. 0.0%      
  • 15:00   US         FOMC Member Dudley Speaks            
  • 20:00   US         Consumer Credit m/m       Exp. 5.2B Prev. 7.6B

* All times are GMT.

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

AUD/USD Sentiment

  • The Aussie continued its slide against the US Dollar, giving back its gains from the last few days that were largely based on speculation surrounding the death of Al Qaida leader Osama Bin Laden following higher than expected US jobless claims last week. This is the highest level of jobless claims in the last eight months.
  • Australian retail sales dropped unexpectedly during March, raising speculation that the RBA will postpone raising interest rates.

Currensee Community: 50% are short, 50% are long. 221open positions in real accounts trading this pair at the moment. The community is now evenly split regarding future levels.