AUD/USD Nov. 29 – Struggling with Important Line

AUD/USD is looking for a direction after getting a blow from the European troubles, but is now looking upwards after Glenn Stevens’ speech. Will it recover? Here’s a quick update on technicals, fundamentals and community trends.

AUD to USD recovering

AUD/USD Technicals

• Asian session:  AUD USD started with a nice gap, but it was closed afterwards. It’s now on the move – northbound.
• Current Range:  0.9660 to 0.9725.
• Further levels in both directions: Below   0.9660, 0.9540, 0.9460, 0.9366. Above 0.9725,  0.9863,  0.9915,  1.0000, 1.0080, 1.0180, 1.0220, 1.03.
• Parity is a big technical hurdle, but unlikely to be tackled in current conditions.
• Holding on to 0.9660 is very important for the Aussie.

AUD/USD Fundamentals

• 00:00 Australian HIA New Home Sales. +2.4%.
• 7:30 Australia central bank governor Glenn Stevens’ talked, and didn’t hurt the Aussie as he did last week.
• 00:15 (Tuesday) RBA assistant governor Guy Debelle talks.
• 00:30 (Tuesday) Australian Building Approvals. Exp. +1.6%.
• 00:30 (Tuesday) Australian Private Sector Credit. Exp. 0.2%.
• 00:30 (Tuesday) Australian  Current Account. Exp. -6.5 billion.

AUD/USD Sentiment

• North Korean attack on South Korea surprises the world and triggers risk aversive trading. The Aussie is sensitive to this news, and now suffers from the fresh Korean tensions.
• Contagion spreading: Fears that Spain and Italy will also need bailout packages impacts the whole world, not only the Euro. Portugal might receive aid soon.
• Light Thanksgiving trading means that the markets will probably hardly move until a major news, from Europe for example, can rock the markets on thin trading volume.
• Currensee Community: 92% are short, 8% are long. 358 open positions in real accounts trading this pair at the moment. The community continues seeing more falls in AUD/USD.

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