AUD/USD Feb.03–Aussie Lower Against US Dollar on Approaching Cyclone

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The Aussie was slightly lower Wednesday against the US Dollar which fell today with the Greenback lower against other currencies due an increase in risk appetite. The Aussie was trading at 1.0068 down 0.50%, as of this writing. How will Yasi affect the Aussie?

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

AUD/USD Technicals

  • Previous sessions: AUD/USD traded lower Wednesday against the US Dollar. Technical data continues to indicate a bearish future for the Aussie. In addition, the approaching “Yasi” cyclone is expected to keep the Aussie down for the near term. The US Dollar traded lower due to lower fears of Egyptian unrest, strong global manufacturing data and a subsequent increase in appetite for risk.
  • Current range: 0.9968 – 1.0149
  • Further levels: Below: 1.0044, 1.0053, 1.0058 Above: 1.0072, 1.0081, 1.0086
  • AUD / USD likely to find support at Thursday’s low of 0.9867, and resistance at 1.0149.

 

AUD/USD Fundamentals

  • 00:30 – Australia – Building Approvals m/m                 Exp 1.6%
  • 00:30 – Australia – Trade Balance                                 Exp 1.63B
  • 13:30 – US – Unemployment Claims                             Exp. 420K
  • 13:30 – US – Prelim Nonfarm Productivity q/q           Exp. 2.1%
  • 13:30 – US – Prelim Unit Labor Costs q/q                Exp. 0.4%
  • 15:00 – US – ISM Non-Manufacturing PMI             Exp. 57.2
  • 15:00 – US – Factory Orders m/m                      Exp.-0.2%
  • 15:30 – US – Natural Gas Storage                      Exp. -185B
  • 18:00 – US – Fed Chairman Bernanke Speaks

 * All times are GMT.

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

 

AUD/USD Sentiment

  • The Aussie is expected to drop against the US Dollar as “Yasi” a category 4 cyclone approaches the coast of Qeensland.
  • The Aussie rallied against the US dollar yesterday following the Australian Government’s announcement that it does not expect the Queensland flooding to cause dramatic inflation. Furthermore, the Government expects the negative impact of the flooding to be offset by job growth as a result of the flooding reconstruction efforts.

 Currensee Community: 93% are short, 7% are long. 437 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.

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