AUD/USD May 27- Aussie Up Against US Dollar on

 

The Aussie traded higher Thursday against the US Dollar following positive sentiment concerning the Australian economy and lower than expected US employment and economic growth data.  The Aussie was trading at 1.0633, up 0.94% 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 largely higher throughout today’s session, dropping a number of times only to recover quickly, rising to its current level.
• Current range: 1.0511 – 1.0642
• Further levels: Below: 1.0596, 1.0606, 1.0622 Above: 1.0648, 1.0658, 1.0674
• AUD / USD likely to find support at 1.0441, and resistance at a high of 1.0656.

AUD/USD Fundamentals

• 0:15   Australia         RBA Deputy Gov Battellino Speaks                
• 2:30   Australia         Private Capital Expenditure q/q       Act. 3.4% Exp.2.8% Prev. 1.5%    
• 13:30   US         Prelim GDP q/q     Act. 1.8% Exp. 2.2% Prev. 1.8%    
• 13:30   US         Unemployment Claims     Act. 424K Exp. 403K Prev. 414K    
• 13:30   US         Prelim GDP Price Index q/q     Act. 1.9% Exp. 1.9% Prev. 1.9%    
• 15:30   US         Natural Gas Storage     Act. 105B Exp. 93B Prev. 92B

* All times are GMT.

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

AUD/USD Sentiment

• Economic growth in Australia appears to be on track, offsetting concerns over the European debt crisis, economic effects of the Japanese natural disasters, and a general concern over a slowing global economic recovery.
• New Zealand reported a planned 100% increase in trade with China over the next few years.
• The US reported an estimate of GDP for the first quarter at an increase of 1.8%, lower than the expected level of 2.1%.
• The US Dept. of Labor reported an unexpected increase of 24,000 in the number of jobless benefit seekers for last week.

 Currensee Community: 50% are short, 50% are long. 251 open positions in real accounts trading this pair at the moment.  The community is neutral on expectations of future levels of the pair ahead.