AUD/USD Mar.23-Aussie Up against Widely Lower US Dollar

The Australian Dollar was higher Tuesday against the US dollar following a lower Greenback against other major currencies, mostly as a result of expectations of interest rate hikes in Europe and the UK.

The Aussie was trading at 1.0113, up 0.52% at the time of this writing.

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

AUD/USD Technicals

• Previous sessions: The Aussie fluctuated between 1.0113 and 1.0127 during the early afternoon session, briefly dropping to 1.0096 in the late afternoon and then consolidating to its current level.
• Current range: 1.0038- 1.0128
• Further levels: Below: 1.0096, 1.0102, 1.0107 Above: 1.0118, 1.0124, 1.0129
• AUD / USD likely to find support at Wednesday’s low of 0.9755, and resistance at 1.0128.

AUD/USD Fundamentals

• 07:00   US         FOMC Member Fisher Speaks
• 10:00   US         New Home Sales Exp. 291K Vs.284K    
• 10:30   US         Crude Oil Inventories     Exp. 2.0M Vs. 1.7M
• 12:00   US         Fed Chairman Bernanke Speaks            
• 17:45   New Zealand         GDP q/q       Exp. 0.1% Vs. -0.2%    
• 19:00   Australia         CB Leading Index m/m       Previous: 0.7%    
• 20:30   Australia         RBA Financial Stability Review

* All times are GMT.

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

AUD/USD Sentiment

• Fear of a nuclear disaster in Japan has for the moment been relieved as Japan continues to report progress in attaining control over the troubled reactors. Investors remain jittery although some confidence has been restored.

Currensee Community:93% are short, 7% are long. 455 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.