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The Australian Dollar traded lower Tuesday against the US dollar following reports that other OPEC countries may contribute additional oil production to boost global supplies.

The Aussie was trading at 1.0110, down 0.09% at the time of this writing.

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

AUD/USD Technicals

  • Previous sessions: The Aussie began the day trading at current levels dropping to 1.0057 by mid-afternoon and then consolidating to its current level of 1.0110, and close to the opening price.
  • Current range: 1.0054 – 1.0135
  • Further levels: Below: 1.0089, 1.0095, 1.0102 Above: 1.0115, 1.0121, 1.0128
  • AUD / USD likely to find support at today’s low of 1.0054, and resistance at 1.0190.

 AUD/USD Fundamentals

  • 8:45   Australia         RBA Gov Stevens Speaks            
  • 10:00   US         Wholesale Inventories m/m       Exp. 0.9% Vs. 1.0%    
  • 10:30   US         Crude Oil Inventories       Exp. 0.8M Vs. -0.4M    
  • 13:30   US         Treasury Sec Geithner Speaks            
  • 15:00 New Zealand         Official Cash Rate       Exp. 2.75% Vs. 3.00%    
  • 15:00   New Zealand         RBNZ Press Conference            
  • 15:00   New Zealand         RBNZ Rate Statement
  • 19:30   Australia         Employment Change       Exp. 21.5K Vs. 24.0K    
  • 19:30   Australia         Unemployment Rate       Exp. 5.0% Vs. 5.0%1%

* All times are GMT.

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

 AUD/USD Sentiment

  • Investors drove the US Dollar up today following reports that other OPEC countries may contribute additional oil production to boost global supplies and help alleviate fears of short oil supplies in light of the recent unrest across the Middle East.
  • Investor sentiment is up following reports that Libyan leader Moammar Ghadaffi might be stepping down.

 Currensee Community: 93% are short, 7% are long. 415 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.