AUD/USD Feb.11–Aussie Declines against Greenback

The Aussie declined again slightly Thursday against the US Dollar following better-than-expected unemployment data. The Aussie was trading at 1.0040, down 0.57% at the time of this writing.

How low will the Aussie decline against the UD Dollar in the short term?

Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

• Previous sessions: The Aussie traded slightly lower Thursday against the Greenback. The US Dollar was also up following US FED Chairman’s Bernanke’s comments.
• Current range: 1.0011 – 1.0093
• Further levels: Below: 1.0013, 1.0025, 1.0031 Above: 1.0049, 1.0061, 1.0067
• AUD / USD likely to find support at today’s low of 1.0010, and resistance at 1.0190.

AUD/USD Fundamentals

• 08:30 – US – Trade Balance                                                      Exp. -40.4B
• 09:55 – US – Prelim UoM Consumer Sentiment        Exp. 74.8
• 09:55 – US – Prelim Prelim UoM Inflation Expectations
• 21:99 – US – FOMC Member Raskin Speaks

* All times are GMT.

For the major events due later in the week, see the AUD/USD forecast.

 AUD/USD Sentiment

• The latest Australian unemployment data shows the jobless rate holding steady at 5%. The unemployment data was better-than-expected; however the increase in jobs was almost entirely from part-time jobs. Does this indicate a lack of confidence of employers in the growth prospects of the economy?
• Concerns over the economic effects of the Queensland flooding and Chinese rate cuts are affecting investor sentiment, causing uncertainty and risk-aversion in the markets.

Currensee Community: 93% are short,7% are long. 422 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.