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The Aussie closed the week slightly down Friday from its record gains against the US Dollar during the week, but the biggest gainer against the Greenback for the week, closing at 1.0735, down 0.12% for the day and up 1.57% for the week by the close of Friday’s trading.

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

AUD/USD Technicals

  • Previous sessions: The Aussie reached its high of the day early in the session and then dropping to its daily low by early afternoon. The Aussie then rose sharply to nearly its daily high before consolidating sharply to its current level for the close.
  • Current range: 1.0720- 1.0756
  • Further levels: Below: 1.0726, 1.0731, 1.0736 Above: 1.0746, 1.0751, 1.0756
  • AUD / USD likely to find support at 1.0443, and resistance at the high of 1.0774.

AUD/USD Fundamentals

  • 10:00   US         New Home Sales       Exp. 280K Prev. 250K
  • All Day   Australia Bank Holiday

* All times are GMT.

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

AUD/USD Sentiment

  • This coming week will be important for the Aussie with a number of important US economic reports to be released.
  • The week ended quitter with most markets closed Friday due to the holiday.
  • The S&P has warned that it will put the US AAA debt rating on watch, causing investor concern.
  • With the US economic concerns, Mideast unrest, and the Asian disasters in the minds of investors, the Aussie seems poised to continue its rise.

Currensee Community: 75% are short, 25% are long. 309 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.