AUD/USD May 11- Aussie Up Slightly Against US Dollar

The Aussie traded slightly higher Tuesday, continuing its rally against the Greenback for the third day in a row following better than expected Australian trade surplus figures in March. The Aussie was trading at 1.0830, up 0.20% 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 between its high of 1.0818 and a low of 1.0773 since the early afternoon, dipping slightly since its previous afternoon high and climbing to its current level.
• Current range: 1.0737 – 1.0819
• Further levels: Below: 1.0764, 1.0772, 1.0785 Above: 1.0806, 1.0814, 1.0827
• AUD / USD likely to find support at 1.0538, and resistance at Today’s high of 1.0819.

AUD/USD Fundamentals

• 13:30   US         Trade Balance       Exp. -46.8B Prev. -45.8B    
• 15:30   US         Crude Oil Inventories       Exp. 1.1M Prev. 3.4M    
• 18:00   US         FOMC Member Kocherlakota Speaks            
• 19:00   US         Federal Budget Balance         Prev. -188.2B

* All times are GMT.

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

AUD/USD Sentiment

• The Aussie increased against the Greenback today following  better than expected trade surplus figures for the month of March.
• Australian March exports of iron ore were up 9% in March further indicating a robust Australian economy.

Currensee Community: 51% are short, 49% are long. 256 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.