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The Aussie traded higher Monday, continuing its rally against the Greenback for the second day in a row on expectations that the RBA will raise interest rates and helped by a stronger Euro.  The Aussie was trading at 1.0727, up 0.22% at the time of this writing.

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

AUD/USD Technicals

  • Previous sessions: The Aussie climbed slightly in the early part of the session, after which it began a gradual decline into the early afternoon, and then falling more sharply dropping to its daily low of 1.0713 before consolidating to its current level.
  • Current range: 1.0698 – 1.0787
  • Further levels: Below: 1.0683, 1.0696, 1.0712 Above: 1.0741, 1.0754, 1.0770
  • AUD / USD likely to find support at 1.0577, and resistance at Wednesday’s high of 1.0876.

AUD/USD Fundamentals

  • 02:30   Australia         Trade Balance       Exp. 0.49B Prev. -0.21B
  • 10:30   Australia         Annual Budget Release            
  • 13:30   US         Import Prices m/m       Exp. 1.8% Prev. 2.7%    
  • 14:30   US         FOMC Member Duke Speaks            
  • 15:00   US         IBD/TIPP Economic Optimism       Exp. 41.5 Prev. 40.8    
  • 15:00   US         Wholesale Inventories m/m       Exp. 1.0% Prev. 1.0%    
  • 22:00   New Zealand         RBNZ Financial Stability Report

* All times are GMT.

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

AUD/USD Sentiment

  • The RBA announced last week that it may need to increase interest rates in the future to maintain its inflationary targets.
  • The Bank of Japan reported today that the Japanese economy is under downward pressure following the recent natural disasters to shake the country.
  • Investor appetite for risk increased Monday following a positive US report last Friday that private sector payrolls increased the most in the last five years with figures for April at 244,000, higher than the expected 185,000.

Currensee Community: 52% are short, 48% are long. 261 open positions in real accounts trading this pair at the moment. A slight majority of the community is expecting lower levels of the pair ahead.

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