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The Aussie closed the week slightly lower against the US Dollar Friday, following good US economic data. It closed the week at 1.0137, down 0.07% for the day and 0.11% for the week by the end of trading.

Will the US open its oil reserves to ease the soaring price of oil?

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

 

AUD/USD Technicals

  • Previous sessions: The fell to 1.0074 during trading on Friday, the lowest level in two weeks, before consolidating to the closing price of 1.0137 for the week.
  • Current range: 1.0076- 1.0150
  • Further levels: Below: 1.0116, 1.0121, 1.0129  Above: 1.0142, 1.0147, 1.0155
  • AUD / USD likely to find support at 1.0074, and resistance at 1.0201.

AUD/USD Fundamentals

  • 15:00   US         Consumer Credit m/m       Exp. 3.6B Vs. 6.1B
  • 19:30   Australia         NAB Business Confidence

 * All times are GMT.

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

AUD/USD Sentiment

  • The latest US economic data on unemployment (a greater than expected drop of 8.9%) and non-farm payrolls is confirming the slow but steady recovery of the US economy.
  • By the end of the week the Aussie had returned its gains from earlier in the week after the RBA announced it would keep the cash interest rate at 4.75% citing that it was expected that inflation would be held in check by an expected easing of employment growth and a strong Australian Dollar.
  • The direction of the Australian economy remains unclear in the eyes of investors with strong consumer demand and expanding consumer credit. However the strong level of the Aussie is pinching exporters and causing a growing trade deficit. Monday’s report of number of jobs advertised is an important economic indicator.

Currensee Community: 93% are short, 7% are long. 443 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.