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.
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