The Aussie rebounded slightly Friday against the US Dollar Friday recovering most of the week’s losses on positive news from China and Europe. The pair closed the week at 0.9899 up just 0.09%, with a slight loss against the US Dollar.
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: AUD/USD traded slightly higher Friday closing the gap of the week’s losses and ending the week only slightly lower against the US Dollar. Increased demand for the Aussie Friday was due to easing concerns of the European debt crisis and a higher Chinese GDP (9.8%).
- Current range: 0.9840 – 0.9919
- Further levels: Below: 0.9873, 0.9883, 0.9890 Above: 0.9907, 0.9917, 0.9924
- AUD / USD likely to find support at Friday’s low of 0.9830, and resistance at 1.0006.
AUD/USD Fundamentals
- 00:30 – Australia – PPI q/q exp. 0.5%
- 23:00 – Australia – CB Leading Index m/m
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- New Zealand releases better than expected retail sales figures.
- Chinese GDP figures higher – 9.8% possibly slowing or delaying Chinese monetary interference.
- Long term sentiment is largely Bearish on the Aussie although for the short term, numerous domestic and foreign (mostly China) market forces are pulling the Aussie in both directions.
Currensee Community: 92% are short, 8% are long. 382 open positions in real accounts trading this pair at the moment. The community is Bearish on the Australian Dollar, expecting lower levels of the pair ahead.
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