AUD/USD May.16- Aussie Closes Week Down to 3 Week Low

The Aussie closed the week lower against the Greenback at  1.0573 down 0.98% for the day and down 3.5% for the week by the close of Friday’s trading. The Aussie tumbled following concerns of lower demand in commodities caused by Chinese economic growth concerns.

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

AUD/USD Technicals

• Previous sessions: The Aussie traded lower throughout the first half of the session reaching its daily low of 1.0519
  before consolidating and trading sideways at its current level for the remainder of the session.
• Current range: 1.0519 – 1.0717
• Further levels: Below: 1.0529, 1.0546, 1.0556 Above: 1.0583, 1.0600, 1.0610
• AUD / USD likely to find support at 1.0442, and resistance at the high of 1.0716.

AUD/USD Fundamentals

• 02:30   Australia Home Loans m/m       Exp. 2.3% Prev. -5.6%
• 02:30   Australia   New Motor Vehicle Sales m/m         Prev. 3.4%
• 13:30   US         Empire State Manufacturing Index       Exp. 20.7 Prev. 21.7
• 14:00   US         Fed Chairman Bernanke Speaks
• 14:00   US         TIC Long-Term Purchases       Exp. 57.7B Prev. 26.9B
• 15:00   US         NAHB Housing Market Index       Exp. 17 Prev. 16

* All times are GMT.

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

AUD/USD Sentiment

• Investors are still concerned over a slowdown in the Chinese economy, curbing demand for commodities.
• Increased concerns that Greece may default on its debt has affected risk appetite, further causing investors to seek the relative safety
  of the US Dollar.

Currensee Community: 43% are short, 57% are long. 238 open positions in real accounts trading
this pair at the moment. The community is currently bullish of the pair ahead.