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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.