AUD/USD Feb.17-Aussie Higher Wednesday against US Dollar

The Aussie traded higher against the US Dollar Wednesday, following positive comments by the Reserve Bank of Australia. The Aussie was trading at 1.0004 up 0.39% at the time of this writing.

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

AUD/USD Technicals

• Previous sessions: The Aussie traded higher Wednesday following positive comments by the RBA.
• Current range: 0.9968 – 1.0026
• Further levels: Below: 0.9968, 0.9977, 0.9991 Above: 1.0014, 1.0023, 1.0037
• AUD / USD likely to find support at Tuesday’s low of 0.9944, and resistance at 1.0074.

AUD/USD Fundamentals

• 08:30   US         Core CPI m/m                                                               Exp. 0.1%
• 08:30   US         Unemployment Claims         Exp. 401K      
• 08:30   US         CPI m/m                                                                   Exp. 0.3%
• 10:00   US         Fed Chairman Bernanke Testifies          
• 10:00   US         Philly Fed Manufacturing Index                         Exp. 20.8  
• 10:00   US         Mortgage Delinquencies                             Exp. 9.13%    
• 10:00   US         CB Leading Index m/m                               Exp. 0.3%
• 10:30   US         Natural Gas Storage                                     Exp. -233B    
• 12:20   US         FOMC Member Evans Speaks            
• 13:10   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

• US Consumer Prices are expected to rise 1.6% for the month of January, above expectations, and marking the 7th consecutive rise in a row. While this is positive news, it is worth noting that this is still below the Fed’s growth expectation of 2%. If the report is in fact in line with expectations, we can expect a rise in the demand for the Greenback. However if the report turns out to be worse than expected, we can expect most major currencies to rise against the USD.
• The Bank of England expects economic growth to be slower.

Currensee Community: 92% are short,8% are long. 430 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.