AUD/USD Mar.21-Aussie Regains Most Weekly losses against US

The Aussie closed the week up against the US Dollar Friday, recovering losses from earlier in the week following positive news from Japan. The Aussie closed the week at 0.9956, up 1.60% for the day and down 1.7% for the week by the close of Friday’s trading.

In what direction will the Japanese Nuclear crisis and disaster recovery and Libyan crisis pull the Aussie this week?

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

AUD/USD Technicals

• Previous sessions: The Aussie dropped throughout the session reaching a low of 0.9822 and then consolidating to 0.9898 by the close of trade Friday closing the week down 1.7% for the Aussie against the US Dollar.
• Current range: 0.9820- 0.9979
• Further levels: Below: 0.9941, 0.9947, 0.9959  Above: 0.9977, 0.9983, 0.9995
• AUD / USD likely to find support at 0.9702, and resistance at 1.0105.

AUD/USD Fundamentals

• 10:00     US         Existing Home Sales                   Exp. 5.15M Vs. 5.36M
• No major Australian economic news is expected this week.

* All times are GMT.

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

AUD/USD Sentiment

• US Manufacturing data for the month of March in Philadelphia has reached a 27 year high, reaching 43.4 versus the expected 29.9.
• The Aussie recovered somewhat by the end of the week after investor fear sentiment eased slightly on positive reports that Japan is moving towards stabilizing the nuclear crisis. Japan is Australia’s second largest trading partner.

Currensee Community: 84% are short,16% are long. 404 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.