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9 Sep 2013
AUD/USD still vulnerable say technicians – unless a close above 0.9264 occurs
FXstreet.com (Barcelona) - The AUD/USD avoided an expected correction Friday thanks to poor data out of the US. However, the cross enters the week due for a pullback based on Elliott Wave count and at / near key resistance.
Most of the data focus this week will be on Australia
With the only market-moving data from the US coming in the form of weekly jobless claims and retail sales on Thursday and Friday respectively, it will be Australia taking center stage for most of this week. AUD/USD Traders will get Aussie inflation and business confidence data on Tuesday; the Westpac Consumer Confidence Survey Wednesday; and, the monthly Aussie employment report on Thursday.
Of course, traders will also be monitoring the “risk-on / risk-off” dynamic as the US / Syrian news flows across the wires.
Technical outlook for AUD/USD
Elliott Wave technicians are saying that the AUD/USD should continue to work its way higher until the macro correction resistance / Fibonacci retracement resistance at 0.9264 is reached. In the very short-term, those technicians were caught a little flat-footed as many were calling for some weakness in advance of the final push to resistance – but it was avoided by Friday’s reaction to the weak US jobs report. Now all eyes are simply trained on the key resistance. Short-term support, however, comes in at 0.9185 and 0.9115.
Most of the data focus this week will be on Australia
With the only market-moving data from the US coming in the form of weekly jobless claims and retail sales on Thursday and Friday respectively, it will be Australia taking center stage for most of this week. AUD/USD Traders will get Aussie inflation and business confidence data on Tuesday; the Westpac Consumer Confidence Survey Wednesday; and, the monthly Aussie employment report on Thursday.
Of course, traders will also be monitoring the “risk-on / risk-off” dynamic as the US / Syrian news flows across the wires.
Technical outlook for AUD/USD
Elliott Wave technicians are saying that the AUD/USD should continue to work its way higher until the macro correction resistance / Fibonacci retracement resistance at 0.9264 is reached. In the very short-term, those technicians were caught a little flat-footed as many were calling for some weakness in advance of the final push to resistance – but it was avoided by Friday’s reaction to the weak US jobs report. Now all eyes are simply trained on the key resistance. Short-term support, however, comes in at 0.9185 and 0.9115.