AUD/USD May.23- Aussie Down Against US Dollar but Up

The Aussie closed the week against the Greenback at 1.0660, down 0.09% for the day and up 0.75% for the week by the close of Friday’s trading.  The Aussie gained back some of its recent losses following expectations that the RBA would increase interest rates in the near future, and the US Fed would not.

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

AUD/USD Technicals

• Previous sessions: The Aussie traded higher at the start of the session before dropping to its daily low. The Aussie then climbed to its high of the day throughout the late morning and early afternoon and then consolidated to its closing level.
• Current range: 1.0611 – 1.0711
• Further levels: Below: 1.0624, 1.0644, 1.0658 Above: 1.0692, 1.0712, 1.0726
• AUD / USD likely to find support at 1.0594, and resistance at the high of 1.0888.

AUD/USD Fundamentals

• No major news is expected on Monday

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

AUD/USD Sentiment

• The RBA is expected to raise interest rates in the coming months to maintain its inflation objectives.
• After the recent lower than expected economic reports coming from the US, the US Fed is not expected to tighten Monetary Policy any time soon.

Currensee Community: 50% are short, 50% are long. 237 open positions in real accounts trading this pair at the moment. The community is currently neutral of the pair ahead.