The Aussie traded higher Thursday against the US Dollar following a report on lower than expected US jobless claims and lower than expected home sales and manufacturing figures. The Aussie was trading at 1.0659, up 0.26% at the time of this writing.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie traded gradually lower in the first half of the session, reaching its low in the day by id session and then climbing back to its current level.
- Current range: 1.0595 – 1.0681
- Further levels: Below: 1.0618, 1.0641, 1.0610 Above: 1.0664, 1.0674, 1.0687
- AUD / USD likely to find support at 1.0506, and resistance at today’s high of 1.0681.
AUD/USD Fundamentals
- 13:00 US FOMC Member Dudley Speaks
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- US economic data was mixed today, with US jobless claims were reported by the US today for last week. The report stated a figure of 409k as opposed to the expected 420k jobless claims for last week.
- US home sales were lower than expected in April.
- The Philadelphia Fed announced that its manufacturing index declined sharply during the current month of May.
- The credit ratings of Australia’s largest banks were lowered by Moody’s to Aa2 on the basis of concern that their dependence on wholesale debt markets makes them vulnerable to speculation.
- The Japanese economy shrank by a greater than expected annualized 3.7% during the first quarter due to the March natural disasters. Analysts were expecting an annualized contraction of 2%.
Currensee Community: 50% are short, 50% are long. 302 open positions in real accounts trading this pair at the moment. The community is neutral on expectations of future levels of the pair ahead.
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