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 4th 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.
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