AUD/USD May 25- Aussie Higher Against US Dollar on

The Aussie traded higher Tuesday against the US Dollar following a higher than expected US Home Sales report and an improved atmosphere or risk.  The Aussie was trading at 1.0565, down 0.57% 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 in the first part of the session, reaching a low of  1.0544, then climbing back up to its near daily high, and then dropping to the level of the daily low and staying there for a few hours. The Aussie then climbed up to its current level.
• Current range: 1.0479 – 1.0711
• Further levels: Below: 1.0515, 1.0527, 1.0543 Above: 1.0571, 1.0583, 1.0599
• AUD / USD likely to find support at 1.0479, and resistance at a high of 1.0711.

AUD/USD Fundamentals

• 03:30   US         FOMC Member Plosser Speaks
• 08:30   US         Core Durable Goods Orders m/m       Exp. 0.7% Prev. 2.3%    
• 08:30   US         Durable Goods Orders m/m       Exp. -2.0% Prev. 4.1%                
• 10:00   US         OFHEO HPI m/m       Exp. -0.7% Prev. -1.6%    
• 10:30   US         Crude Oil Inventories       Exp. -1.6M Prev. 0.0M    
• 13:30   US         FOMC Member Kocherlakota Speaks                    
• 19:15   Australia         RBA Deputy Gov Battellino Speaks                
• 21:30   Australia         Private Capital Expenditure q/q       Exp. 2.8% Prev. 1.3%

* All times are GMT.

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

AUD/USD Sentiment

• The US reported today on new home sales, reporting a more than expected rise in home sales, with 323k sales in May compared to 301k sales in April. Analysts were expecting a figure of 305k sales.
• The Aussie was higher against the US Dollar on increased commodity prices, strengthening it against the Greenback.
•  The European debt crisis is impeding the global financial recovery, and negatively effects the Aussie as it reduces demand for higher yielding currencies such as the Australian Dollar.

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