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The Aussie was up against the Greenback Wednesday following fears of continued unrest in the Middle East, overshadowing positive US economic data. The Aussie was trading at 1.0162, up 0.34% as of this writing.

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

AUD/USD Technicals

  • Previous sessions: The Aussie has risen steadily throughout the session, reaching a high of 1.0178 and consolidating back to 1.0162 as of this writing.
  • Current range: 1.0086- 1.0179
  • Further levels:  Below: 1.0144, 1.0149, 1.0158 Above: 1.0172, 1.0177, 1.0186
  • AUD / USD likely to find support at 1.0091, and resistance at 1.0202.

 

AUD/USD Fundamentals

  • 08:30   US         Unemployment Claims     Exp. 394K
  • 08:30   US         Revised Nonfarm Productivity q/q     Exp. 2.6%
  • 08:30   US         Revised Unit Labor Costs q/q       Exp. -0.6%
  • 09:00   US         FOMC Member Kocherlakota Speaks            
  • 10:00   US         ISM Non-Manufacturing PMI       Exp. 59.6
  • 10:30   US         Natural Gas Storage       Exp. -89B

*All times are GMT.

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

AUD/USD Sentiment

  • New Australian data shows GDP was as expected, indicating accelerated economic growth in the 4th quarter of 2010.
  • Ongoing tension in the Middle East has pushed oil prices higher, raising concerns over the global oil supply and driving the US Dollar lower

Currensee Community: 92% are short, 8% are long. 434 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.