The Aussie was higher again Wednesday against the US Dollar as traders shunned the US Dollar in favor of other assets. The consensus is that the pair seems to be headed for lower territory. The pair was trading at 1.0018 (+0.43%) at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: AUD/USD traded higher Wednesday hitting 1.0018 at the time of this writing. The Australian dollar rose on the back of the US Dollar as traders dumped the US Dollar. The Aussie, however, is still showing technical weakness but could continue an uptrend.
- Current range: 0.9987 – 1.0078
- Further levels: Below: 0.9937, 0.9962, 0.9979 Above: 1.0021, 1.0046, 1.0063
- AUD / USD likely to find support at Wednesday’s low of 0.9857, and resistance at 1.0078.
AUD/USD Fundamentals
- 13:30 – US – Unemployment Claims
- 15:00 – US – Existing Home Sales
- 15:00 – US – Philly Fed Manufacturing Index
- 15:00 – US – CB Leading Index m/m
- 15:30 – US – Natural Gas Storage
- 16:00 – US – Crude Oil Inventories
- 21:45 – New Zealand – Retail Sales m/m
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- Economists estimate the cost of the Queensland flooding at AUD 20 Billion.
- The Reserve Bank of Australia maintains its neutral fiscal policy in the wake of a cautious growth outlook due to the Queensland flooding.
- Australia consumer confidence falls the most in seven months (5.7%) due to concerns that the Queensland flooding will hamper economic growth.
Currensee Community: 93% are short, 7% are long. 375 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.
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