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AUD/USD Nov. 17 – Struggling on Low Support

AUD/USD lost ground and is now at lower support, after receiving economic data that was inline with expectations. It still has room towards a more important support line. Here’s a quick update on technicals, fundamentals and community trends.

aud to usd November 17

AUD to USD unable to recover.

AUD/USD Technicals

  • Asian session:  The Aussie traded in a limited range.
  • Current Range: 0.9750 to 0.9863
  • Further levels in both directions: Below  0.9750, 0.9660. Above 0.9863, 0.9915, 1.0000, 1.0080, 1.0180, 1.0220, 1.03.
  • The pair is now struggling with 0.9750.
  • Significant support is at 0.9660.

AUD/USD Fundamentals

All times are GMT. Most important events emphasized.

  • 23:30 (Tuesday) Australian MI Leading Index – 0%.
  • 00:30 Australian Wage Price Index. Exp. +1.1%. Actual +1.1%.
  • 13:00 US FOMC member Eric Rosengren talks.
  • 13:00 US CPI. Exp. +0.3%. Core CPI exp. +0.1%.
  • 13:30 US Building Permits. Exp. 570K.
  • 13:30 US Housing Starts. Exp. 590K.
  • 14:15 US FOMC member James Bullard talks.

AUD/USD Sentiment

  • Talks about China limiting foreign activity in China sent the Shanghai stock exchange 5% lower, hurting the Aussie as well. This move on Friday still has an impact on the Aussie.
  • Fears that Spain and Italy will also need bailout packages impacts the whole world, not only the Euro. European debt issues hurt the Aussie.
  • Currensee Community: 85% are short, 15% are long. 330 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..

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.