AUD/USD Forecast Dec. 05, 2011, Fundamental Analysis

The AUD/USD pair reached to its highest level in almost three weeks, where the US dollar lost momentum against most of its major counterparts due to risk appetite that dominated the market last week.

The AUD/USD pair could continue its upside movement with a little correction to the downside, but with any change in the current sentiment the US dollar could restore its momentum and return to dominate the FX market.

On Monday at 22:30 GMT (Sunday), the Australian economy will release the AiG Performance of Service Index for November, where it had a previous reading of 48.8.

At 00:30 GMT the ANZ Job Advertisements for November will be published, where it had a prior reading of 0.7%.

At 15:00 GMT the U.S. economy will release the ISM Non-Manufacturing for November, where it’s expected to come at 53.5 from the previous reading of 52.9.

On the other hand, Factory Orders for October will be released at the same time and expected to remain flat following 0.3% rise the previous month.

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