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The Aussie closed the week lower against the Greenback at  1.0702 up 1.15% for the day and down 2.4% for the week by the close of Friday’s trading.  The Aussie tumbled following the death of Al Qaida leader Osama Bin Laden by US forces and the resulting fall in commodity prices.

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

AUD/USD Technicals

  • Previous sessions: The Aussie rallied reaching its high of the day before mid-session and then falling gradually to slightly above its low of the day, and then consolidating to its closing price.
  • Current range: 1.0598 – 1.0794
  • Further levels: Below: 1.0645, 1.0657, 1.0675 Above: 1.0705, 1.0717, 1.0735
  • AUD / USD likely to find support at 1.0535, and resistance at the high of 1.0876.

AUD/USD Fundamentals

  • 02:30   Australia         ANZ Job Advertisements m/m         Prev. 1.3%

* All times are GMT.

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

AUD/USD Sentiment

  • The US reported an increase in the unemployment rate, the first since last November, increasing .2% to 9%.
  • The RBA announced last week that it may neeed to increase interest rates in the future to maintain its inflationary targets.

Currensee Community: 50% are short, 50% are long. 237 open positions in real accounts trading this pair at the moment. The community is currently neutral of the pair ahead.