AUD/USD Feb.21-Aussie Closes Week Higher against US Dollar

The Aussie closed the week higher against the US Dollar Friday, following higher Australian commodity prices. It closed the week at 1.0149, up 1.6% for the week by the end of trading.

What direction is the Australian Dollar headed in?

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

AUD/USD Technicals

• Previous sessions: The Aussie continued to rally against the US Dollar closing the week at its highest point in over a week.
• Current range: 1.0089- 1.0158
• Further levels: Below: 1.0132, 1.0135, 1.0141  Above: 1.0150, 1.0153, 1.0159
• AUD / USD likely to find support at 1.0015, and resistance at 1.0189.

 

AUD/USD Fundamentals

• All Day  – US – President’s Day Holiday
• 21:00 – New Zealand – Inflation Expectations q/q
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* All times are GMT.

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

AUD/USD Sentiment

• Higher Australian commodity prices fueled by greater demand from China helped the Australian Dollar gain in the currency markets.
• The RBA (Reserve Bank of Australia) maintains that global commodity prices are likely to remain high but stable, however the Bank warned that it does not rule out tighter monetary policy as a weapon against rising inflation.

Currensee Community: 93% are short, 7% are long. 416 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.