AUD/USD Jan.31-Aussie Closes Week Slightly Higher & Steady

The Aussie ended trading Friday by rising slightly against the Greenback for the week but failing to stay above parity. The pair traded in a tight range for most of the week. The Aussie was trading at 0.9941 up 0.23%, as of Friday’s close.

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

AUD/USD Technicals

• Previous sessions: AUD/USD traded higher Friday against the US Dollar on the back of a lower than expected US GDP report. Analysts were expecting a seasonally adjusted 3.6% for the last quarter while the actual results were a disappointing 3.2%.  
• Current range: 0.9884 – 0.9887
• Further levels: Below: 0.9899, 0.9910, 0.9918 Above: 0.9937,0.9948, 0.9956
• AUD / USD likely to find support at Thursday’s low of 0.9874, and resistance at 1.0021.

 

AUD/USD Fundamentals

• 00:30 – Australia – Private Sector Credit m/m Exp 0.3% as expected
• 13:30 – US – Core PCE Price Index m/m Exp. 0.1% as expected
• 13:30 – US – Personal Spending m/m Exp. 0.6%
• 13:30 – US – Personal Income m/m Exp. 0.5%
• 14:45 – US – Chicago PMI Exp 65.5
• 21:45 – New Zealand – Labor Cost Index Exp. 0.5
• 22:30 – Australia – AIG Manufacturing Index

 * All times are GMT.

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

AUD/USD Sentiment

• The US reported less than expected seasonally adjusted GDP results of 3.2% for the last quarter. Analysts were expecting 3.6%.
• The Aussies rose slightly against the US Dollar for the week ended 28 January but failed to keep a grasp above parity mainly due to the continuing concerns over the economic impact of the Queensland flooding.
• The Australian Treasury estimates a loss of 0.5% from economic growth.
• The Australian Treasury estimates the brunt of the economic impact will be felt at the end of the first quarter due to lost coal production and exports.

 Currensee Community:   The community sees the Australian Dollar as currently overvalued, expecting lower levels of the pair ahead.