AUD/USD May 24- Aussie Down Against US Dollar

The Aussie traded lower Monday against the US Dollar.  The Aussie was trading at 1.0521, down 1.30% 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 in a loose sideways range for the first half of the session, testing support levels in the early afternoon before rising up again and then falling again to its low of the day in the mid-afternoon. The Aussie then rose to its high of the day before consolidating to its current level.
• Current range: 1.0479 – 1.0656
• Further levels: Below: 1.0487, 1.0499, 1.0512 Above: 1.0537, 1.0549, 1.0562
• AUD / USD likely to find support at 1.0479, and resistance at a high of 1.0711.

AUD/USD Fundamentals

• 04:00   New Zealand         Inflation Expectations q/q         Prev. 2.6%
• 13:25   US         FOMC Member Duke Speaks                
• 14:50   US         FOMC Member Plosser Speaks            
• 15:00   US         New Home Sales       Exp. 305K Prev. 300K    
• 15:00   US         Richmond Manufacturing Index       Exp. 10 Prev. 10

 * All times are GMT.

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

AUD/USD Sentiment

• An HSBC Index of Chinese manufacturing levels  indicated a possible slowdown in  manufacturing levels for the month of May.
• Investors are concerned over the level of Greek debt and the possible need to restructure the nation’s debt, lowering risk appetite across the board.

Currensee Community: 49% are short, 51% are long. 230 open positions in real accounts trading this pair at the moment.  The community is slightly positive on expectations of future levels of the pair ahead.