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The Aussie traded lower Wednesday, returning some of its recent gains against the Greenback  following a  US report on the trade balance in March. The Aussie was trading at 1.0694, down 1.32% 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 throughout the session dropping to a low of 1.0664 late in the day before consolidating to its current level.
  • Current range: 1.0664 – 1.0889
  • Further levels: Below: 1.0607, 1.0636, 1.0659 Above: 1.0711, 1.0740, 1.0763
  • AUD / USD likely to find support at 1.0612, and resistance at today’s high of 1.0889.

AUD/USD Fundamentals

  • 02:30   Australia Employment Change       Exp. 17.6K Prev. 37.8K    
  • 02:30   Australia Unemployment Rate       Exp. 4.9% Prev. 4.9%
  • 13:30   US         Core Retail Sales m/m       Exp. 0.7% Prev. 0.8%    
  • 13:30   US         PPI m/m       Exp. 0.6% Prev. 0.7%    
  • 13:30   US         Retail Sales m/m       Exp. 0.5% Prev. 0.4%    
  • 13:30   US         Unemployment Claims       Exp. 430K Prev. 474K    
  • 13:30   US         Core PPI m/m       Exp. 0.2% Prev. 0.3%    
  • 13:30   US         FOMC Member Plosser Speaks            
  • 15:00   US         Fed Chairman Bernanke Testifies            
  • 15:00   US         Business Inventories m/m       Exp. 0.8% Prev. 0.5%    
  • 15:30   US         Natural Gas Storage       Exp. 69B Prev. 72B

* All times are GMT.

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

AUD/USD Sentiment

  • The US released trade balance figures today, reporting that the trade balance grew in March, largely due to the jump in oil prices. Analysts had expected a balance of 47.0B while the actual figure was 48.2B.
  • China release on Tuesday its trade surplus data for April, reporting an USD 11.4B trade surplus.

Currensee Community: 52% are short, 48% are long. 220 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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