The Aussie traded higher Tuesday against a broadly lower US Dollar ahead of a US Federal Reserve meeting. The Aussie was trading at 1.0787, up 0.62% at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie initially traded lower and then climbed to the 1.075 range by late morning, trading
sideways until the early afternoon and then climbing to its current level on the heels of US Dollar trading. - Technical indicators show a likely correction in the near term.
- Current range: 1.0677- 1.0774
- Further levels: Below: 1.0751, 1.0756, 1.0764 Above: 1.0777, 1.0782, 1.0790
- AUD / USD likely to find support at 1.0540, and resistance at Monday’s high of 1.0776.
AUD/USD Fundamentals
- 01:30 Australia CPI q/q Exp. 1.2% Prev. 0.4%
- 01:30 Australia Trimmed Mean CPI q/q Exp. 0.7% Prev. 0.3%
- 03:00 New Zealand NBNZ Business Confidence Prev. -8.7
- 12:30 US Core Durable Goods Orders m/m Exp. 1.7% Prev. -0.3%
- 12:30 US Durable Goods Orders m/m Exp. 2.1% Prev. -0.6%
- 14:30 US Crude Oil Inventories Exp. 1.4M Prev. -2.3M
- 16:30 US FOMC Statement
- 16:30 US Federal Funds Rate Exp. <0.25% Prev. <0.25%
- 18:15 US FOMC Press Conference
- 21:00 New Zealand Official Cash Rate Exp. 2.50% Prev. 2.50%
- 21:00 New Zealand RBNZ Rate Statement
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The US reported today better than expected consumer confidence data in April.
- The US federal Reserve is expected to maintain its current Monetary Policy strategy in place.
- The Index of US Home Prices further fell unexpectedly in April, making this the eighth consecutive monthly decline.
- The Japanese disaster is beginning to show on the economy and it is expected to effect the Aussie.
Currensee Community: 99% are short, 1% are long. 224 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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