The Aussie was mostly sideways against the US Dollar Monday, currently trading against the US Dollar at 1.0186, up 0.07% as of this writing.
Which direction is the Aussie heading in?
Here’s a quick update on technicals, fundamentals and community trends.
AUD/USD Technicals
- Previous sessions: The Aussie dropped to 1.0136 in early afternoon trading, rallying to its current level fairly quickly and holding the pattern for the rest of the day.
- Current range: 1.0122- 1.0193
- Further levels: Below: 1.0150, 1.0158, 1.0163 Above: 1.0176, 1.0184, 1.0189
- AUD / USD likely to find support at 0.9982, and resistance at 1.0193.
AUD/USD Fundamentals
- 00:30 Australia Commodity Prices y/y
- 10:00 US Fed Chairman Bernanke Testifies
- 10:00 US ISM Manufacturing PMI Exp. 60.9
- 10:00 US Construction Spending m/m Exp. -0.4%
- 10:00 US ISM Manufacturing Prices Exp. 82.7
- All Day US Total Vehicle Sales Exp. 12.7M
- Tentative Australia HIA New Home Sales m/m
- 19:30 Australia GDP q/q Exp. 0.6%
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
AUD/USD Sentiment
- The Aussie had a strong week against the US Dollar in the last week, coming after Australian business investment reached a record high for the 4th quarter of 2010.
- This week is an important week for the Aussie going forward as it will largely determine the current direction of the currency based on important economic reports as well as the current unrest across the Middle East.
- The US economy is continuing to give mixed signals, although overall sentiment seems to be leaning optimistically. US Pending Home Sales for the month of January fell more than expected however the manufacturing index (PMI) for the Chicago area increased unexpectedly in February.
Currensee Community: 93% are short, 7% are long. 448 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.
Share
