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8 Oct 2013
AUD/USD near flat line after wild intraday swings Monday; 0.9456 still ceiling
FXstreet.com (Barcelona) - The AUD/USD cross was a good proxy for the global risk appetite Monday – fading during the first half of the session, rallying after the US open and into the later part of the session and now starting to fade again.
US traders and managers apparently more optimistic than global investors
If we use AUD/USD as a proxy for global risk appetite, traders in the overseas session were clearly more negative on the state of things than those in the US. The AUD/USD traded off with other risk proxies during the Asian and European sessions but then rallied once everyone saw there was still some powerful dip buyers ready to put cash to work at the open of the US session. We’ll have to see if that pattern plays out again Tuesday.
AUD/USD traders will get to react to Australia Business Confidence data, US Trade Balance, US Fed Head speeches and Australian Consumer Confidence.
Technical outlook for AUD/USD
The AUD/USD faces key resistance at 0.9456 says the technical crowd. The next target on the upside on a breakout is 0.9527. First support comes in at 0.9282 and if it fails the next possible support is 0.9253.
US traders and managers apparently more optimistic than global investors
If we use AUD/USD as a proxy for global risk appetite, traders in the overseas session were clearly more negative on the state of things than those in the US. The AUD/USD traded off with other risk proxies during the Asian and European sessions but then rallied once everyone saw there was still some powerful dip buyers ready to put cash to work at the open of the US session. We’ll have to see if that pattern plays out again Tuesday.
AUD/USD traders will get to react to Australia Business Confidence data, US Trade Balance, US Fed Head speeches and Australian Consumer Confidence.
Technical outlook for AUD/USD
The AUD/USD faces key resistance at 0.9456 says the technical crowd. The next target on the upside on a breakout is 0.9527. First support comes in at 0.9282 and if it fails the next possible support is 0.9253.