AUD/USD Mar.10-Aussie Up against US Dollar on Oil Price

The Aussie was up against the Greenback Wednesday following fears of the effect of recent oil price hikes on the US economic recovery. The Aussie was trading at 1.0107, up 0.09% as of this writing.

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

 

AUD/USD Technicals

• Previous sessions: The Aussie started the day low reaching a low of 1.0091  rising to 1.0130 during the early part of the session and then spending the rest of the session fluctuating between the high and low and slowly consolidating towards the current level of 1.0107 as of this writing.
• Current range: 1.0062- 1.0130
• Further levels: Below: 1.0088, 1.0093, 1.0099 Above: 1.0110, 1.0115, 1.0121
• AUD / USD likely to find support at 1.0054, and resistance at 1.0186

AUD/USD Fundamentals

• 8:15   Australia         RBA Gov Stevens Speaks
• 8:30   US         Trade Balance       Exp. -41.4B Vs. -40.6B
• 10:30   US         Natural Gas Storage       Exp. -72B Vs. -85B    
• 14:00   US         Federal Budget Balance       Exp. -235.1B Vs. -49.8B
• 21:45   Australia         RBA Assist Gov Debelle Speaks

*All times are GMT.

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

AUD/USD Sentiment

• The rising price of oil is causing investor concerns over its effect on the US economic recovery. In addition, investors are concerned over the impact of rising energy costs on the global economy.
• Australia released discomforting economic reports today, with data showing that Australian home loan approvals fell during February. Also, new data indicates that consumer confidence is at a current nine month low.

Currensee Community: 92% are short, 8% are long. 443 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.