AUD/USD May 13- Aussie Continues Drop Against US Dollar

The Aussie traded lower again Thursday, following the release of mixed US economic data and negative Australian economic data. The Aussie was trading at 1.0658, down 0.39% at the time of this writing.

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

AUD/USD Technicals

• Previous sessions: The Aussie dropped during the first half of the session, reaching its low of the day by early afternoon. The Aussie then rose to its high of 1.0714 late in the session before consolidating to its current level.
• Current range: 1.0568 – 1.0714
• Further levels: Below: 1.0627, 1.0644, 1.0664 Above: 1.0701, 1.0718, 1.0738
• AUD / USD likely to find support at 1.0568, and resistance at 1.0889.  

AUD/USD Fundamentals

• 01:00   US         Fed Chairman Bernanke Speaks
• 13:30   US         Core CPI m/m       Exp. 0.2% Prev. 0.1%    
• 13:30   US         CPI m/m       Exp. 0.4% Prev. 0.5%    
• 14:55   US         Prelim UoM Consumer Sentiment       Exp. 70.0 Prev. 69.8    
• 14:55   US         Prelim UoM Inflation Expectations         Prev. 4.6%

* All times are GMT.

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

AUD/USD Sentiment

• Australia reported today an unexpected drop in employment figures for the month of April, lowering expectations of an interest rate increase by the RBA.
• The US released mixed economic data today. Retail sales in April were the weakest in the past nine months, whereas PPI (producer price inflation) increased more than expected in April. In addition, claims for initial unemployment benefits dropped less than expected last week.

Currensee Community: 51% are short, 49% are long. 242 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.