AUD/USD Mar.08-Aussie Continues Down against US Dollar

The Australian Dollar was slightly lower Monday against the US dollar, trading in a tight range for most of the day.

The Aussie was trading at 1.0116 down 0.22% at the time of this writing.

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

AUD/USD Technicals

• Previous sessions: The Aussie was trading higher in the early afternoon, reaching 1.0185 before sharply falling to 1.0095 by late afternoon and then consolidating to its current level of 1.0116. The US dollar was down against most other major currencies as a result of uncertain investor sentiment due to rising oil prices.
• Current range: 1.0125 – 1.0189
• Further levels: Below: 1.0077, 1.0084, 1.0093 Above: 1.0109, 1.0116, 1.0125
• AUD / USD likely to find support at Wednesday’s low of 1.0076, and resistance at 1.0190.

AUD/USD Fundamentals

• 10:00   US                             IBD/TIPP Economic Optimism       Exp. 51.8 Vs. 50.9
• 18:00   Australia           RBA Assist Gov Lowe Speaks            
• 18:30   Australia           Westpac Consumer Sentiment
• 19:30   Australia         Home Loans m/m                                       Exp. -0.3% VS. 2.1%

* All times are GMT.

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

AUD/USD Sentiment

• New Zealand Treasury expects the February earthquake to reduce economic growth of the year by approximately 1.5%.
• Continued uncertainty in the Middle East on rising oil prices and continued Libyan unrest is leaving investors jittery and uncertain about its effect on the global economy.

 Currensee Community: 93% are short, 7% are long. 464 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.