Australian consumer confidence decreased slightly, but home loans and investment lending increased. The Australian Dollar came under pressure after the release of RBA minutes, putting an interest rate cut on the table for February. The AUDUSD corrected into the top range of a support area, what impact will US data have on this currency pair? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.

Yesterday’s US PMI data showed an increase in the services sector, but the US Dollar was unable to advance in the data. The AUDUSD hovers at resistance, and forex traders will get housing data as well as industrial and manufacturing production data today. How will this currency pair react after the release of US economic data? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.