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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