The Aussie closed the week up against the US Dollar Friday, an all-time high following indications of high demand from insurance companies. The Aussie closed the week at 1.0260, up 0.47% for the day and up 2.95% for the week by the close of Friday’s trading.
How will the Japanese nuclear crisis and tsunami disaster influence the Aussie in the near term?
Here’s a quick update on technicals, fundamentals and community trends.
- Previous sessions: The Aussie dropped to 1.0223 in the early part of the session then rising sharply to 1.0291. After briefly maintain the level, the Aussie dropped to 1.0240 and then consolidating to its current level by the close of trade.
- Current range: 1.0189- 1.0295
- Further levels: Below: 1.0241, 1.0245, 1.0249 Above: 1.0257, 1.0261, 1.0265
- AUD / USD likely to find support at 1.0111, and resistance at 1.0294.
- 08:30 US Personal Spending m/m Exp. 0.6% Vs. 0.2%
- 08:30 US Personal Income m/m Exp. 0.5% Vs. 1.0%
- 10:00 US Pending Home Sales m/m Exp. 0.0% Vs.-2.8%
- 15:40 US FOMC Member Evans Speaks
- 18:00 Australia RBA Assist Gov Edey Speaks
- Tentative Australia HIA New Home Sales m/m Previous: 2.5%
* All times are GMT.
For the major events due later in the week, see the AUD/USD forecast.
- The RBA reported that it expected the Australian economy to grow by 4.25% this year, fueled for Chinese demand of raw materials.
- A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.
- The price of oil closed this past week at its highest level in over 2 years, fueled by the ongoing unrest in the Middle East including Western military involvement in Libya, and the lack of clarity as to how and when the Libyan revolt will end and whether or not Libyan leader Muammar Qhaddafi will remain in power.
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.