The Aussie closed the week against the Greenback at 1.0706, up 0.57% for the day and up 0.45% for the week by the close of Friday’s trading. The Aussie rallied to a two-week high against the Greenback following poorer than expected US economic data.
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 reversing the trend and climbing in the second half of the session. The Aussie climbed to its high of the day late in the session before consolidating to its closing level.
- Current range: 1.0609 – 1.0717
- Further levels: Below: 1.0664, 1.0670, 1.0682 Above: 1.070, 1.0706, 1.0718
- AUD / USD likely to find support at 1.0508, and resistance at the high of 1.0888.
AUD/USD Fundamentals
- Tentative Australia HIA New Home Sales m/m Prev. 4.3%
- 02:30 Australia Company Operating Profits q/q Exp. 2.1% Prev. -2.8%
- All Day US Bank Holiday
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The US reported Friday a slew of disappointing economic data with lower than expected pending home sales in April, reporting a decline of 11.6%, much worse than the expected 1.0% decline.
- Separately, US consumer growth came in at 0.4%, less than the expected 0.5%.
- In addition, US GDP grew at only 1.8% lower than the expected 2.1% for the first quarter.
- The RBA announced that it will have to raise interest rates in the near future to keep inflationary pressure in check.
Currensee Community: 51% are short, 49% are long. 254 open positions in real accounts trading this pair at the moment. The community is currently slightly bearish on the pair ahead.
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