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AUD/USD got closer to parity after the relatively hawkish rate decision, but made its way back to the previous range. Is it gathering strength for a move upwards? Here’s a quick update on technicals, fundamentals and community trends.

aud to usd forecast December 7-8

AUD to USD dropping to 0.9850 once again.

AUD/USD Technicals

  • Asian session:  AUD USD rose all the way to 0.9962 but retreated..
  • Current Range:  0.9850 to 0.9915
  • Further levels in both directions: Below  0.9850, 0.9724, 0.9660, 0.9540, 0.9460, 0.9366. Above 0.9915,  1.0000, 1.0080, 1.0180, 1.0220, 1.03.
  • Overcoming 0.9660 is a bullish sign.
  • AUD/USD Parity in reach but there’s a lot of resistance towards this line, as we’ve seen just now.

AUD/USD Fundamentals

  • 3:30 (Tuesday) Australian rate decision. Rate unchanged at 4.75% as expected. Statement focused on the bright side.
  • 15:00 US IBD/TIPP Economic Optimism. Exp. 48.3. Actual 45.8.
  • 00:30 (Wednesday) Australian Home Loans. Exp. +0.1%.

AUD/USD Sentiment

  • The RBA’s statement focused on savings instead of the drop in the retail sales and didn’t hint about pausing for a long time. This is a good sign.
  • Rumors about a rate hike in China weigh on the Aussie.
  • The Irish budget vote will have an impact on all currencies, including the Aussie.
  • Currensee Community: 93% are short, 7% are long. 397 open positions in real accounts trading this pair at the moment. The community continues seeing more falls in AUD/USD.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..