5 Sep 2013
The great Aussie ramp has AUD/USD on a track towards key resistance at 0.9264
FXstreet.com (Barcelona) - The AUD/USD has ridden the wave of RBA & China-induced Aussie strength to come within days of testing dual overhead created by converging Fibonacci numbers at 0.9264.
No Aussie data Thursday, but US data will keep traders busy
“Ho-hum” GDP numbers out of Australia led to more Aussie strength Wednesday. Similarly unsurprising results from the US Fed’s Beige Book Survey led to the DXY getting sold. The difference seems to be in the technical as the Aussie had plenty of room to move higher while the DXY was overbought and just below resistance.
Thursday will not feature any new Aussie data, but the data flow out of the US will be more than enough to keep AUD/USD traders busy. Here’s what’s on tap:
• US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI; and, a speech by the Fed’s Narayana Kocherlakota
Technical outlook for AUD/USD
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. Shorter-term resistance comes into play at 0.9200. Support for AUD/USD comes in at 0.9062 and 0.9031 – both of which are horizontal line supports.
No Aussie data Thursday, but US data will keep traders busy
“Ho-hum” GDP numbers out of Australia led to more Aussie strength Wednesday. Similarly unsurprising results from the US Fed’s Beige Book Survey led to the DXY getting sold. The difference seems to be in the technical as the Aussie had plenty of room to move higher while the DXY was overbought and just below resistance.
Thursday will not feature any new Aussie data, but the data flow out of the US will be more than enough to keep AUD/USD traders busy. Here’s what’s on tap:
• US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI; and, a speech by the Fed’s Narayana Kocherlakota
Technical outlook for AUD/USD
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. Shorter-term resistance comes into play at 0.9200. Support for AUD/USD comes in at 0.9062 and 0.9031 – both of which are horizontal line supports.