AUD/USD Feb.08-Aussie Continues Rally against US Dollar

The Aussie continued its rally against the US Dollar Monday, continuing on the back of an improved economic growth outlook for Australia. The Aussie closed the week at 1.0144 up 0.10%.

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

AUD/USD Technicals

• Previous sessions: AUD/USD traded higher Monday, continuing its rally against the US Dollar. The Aussie briefly fell during the session following lower than expected retail sales data but then quickly recovered. The longer the rally continues the stronger the bearish indicators get.
• Current range: 1.0112 – 1.0201
• Further levels: Below: 1.0111, 1.0124, 1.0133 Above: 1.0155, 1.0168, 1.0177
• AUD / USD likely to find support at Wednesday’s low of 1.0056, and resistance at 1.0223.

 

AUD/USD Fundamentals

• 00:30 – Australia – NAB Quarterly Business Confidence
• 15:00 – US – IBD/TIPP Economic Optimism                   Exp. 52.8
• 18:00 – US – FOMC Member Fisher Speaks

* All times are GMT.

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

AUD/USD Sentiment

• Australian retail sales were disappointing for the month of December yielding lower than expected results.

 

Currensee Community: 94% are short,6% are long. 426 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.