AUD/USD Feb.28-Aussie Closes Week Up against US Dollar

AUD/USD Feb.28-Aussie Closes Week Up against US Dollar

The Aussie closed the week higher against the US Dollar Friday, on higher oil prices. It closed the week at 1.0176, up 0.84% for the day and 0.37% for the week by the end of trading.  

Is the end of the unrest in the ME in sight?

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 following a broadly lower us dollar
• Current range: 1.0095- 1.0178
• Further levels: Below: 1.0160, 1.0163, 1.0170  Above: 1.0180, 1.0183, 1.0190
• AUD / USD likely to find support at 1.0000, and resistance at 1.0201.

AUD/USD Fundamentals

• 08:30   US         Personal Spending m/m       Exp. 0.5%  
• 08:30  US         FOMC Member Dudley Speaks            
• 08:30   US         Personal Income m/m                                     Exp. 0.4%    
• 09:45   US         Chicago PMI                                                                 Exp. 67.9    
• 10:00   US         Pending Home Sales m/m                     Exp. -2.2%  
• 17:30   Australia         AIG Manufacturing Index      
• 19:30   Australia         Retail Sales m/m                                 Exp. 0.3%    
• 19:30     Australia             Current Account                                       Exp.-6.9B    
• 22:30   Australia         Cash Rate                                                     Exp. 4.75%  
• 22:30   Australia         RBA Rate Statement

* All times are GMT.

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

AUD/USD Sentiment

• US consumer sentiment rose unexpectedly, yet 4^th quarter GDP figures came in lower than expected rising 2.8% instead of the expected 3.3%
• Crude oil prices hit 103 USD a barrel on Tuesday, the highest since September 2008. Rising concerns about the inflationary effect of higher oil prices caused the Greenback to weaken against almost all major currencies.

Currensee Community: 93% are short, 7% are long. 420 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.