24 Sep 2013
Elliott Wavers say AUD/USD in key wave lower with 0.9303 as “make or break” for bulls
FXstreet.com (Barcelona) - AUD/USD bulls need 0.9303 level to hold up to keep much more downside from occurring in the near future.
AUD/USD to key off of US data and technicals Tuesday – no Aussie data due out
For a second straight session Tuesday, AUD/USD traders will have no Aussie data off of which to trade and will instead have to focus all their attention on US data and politics. They will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday.
Technical outlook for AUD/USD
Elliott Wave technicians maintain that fourth wave resistance for AUD/USD comes in at the 38.2% Fibonacci retracement (of the 8/2012 – 8/2013 decline) resistance at 0.9529. Before that, some minor horizontal line resistance comes in at 0.9400. Short-term, but very important support for AUD/USD comes in at the critical level of 0.9303. A break below that puts the bears in control and will likely lead to a test of lower targets at 0.9247 and/or 0.9213.
AUD/USD to key off of US data and technicals Tuesday – no Aussie data due out
For a second straight session Tuesday, AUD/USD traders will have no Aussie data off of which to trade and will instead have to focus all their attention on US data and politics. They will get to digest US home price indices , Consumer Sentiment and multiple “Fed Head” speeches on Tuesday.
Technical outlook for AUD/USD
Elliott Wave technicians maintain that fourth wave resistance for AUD/USD comes in at the 38.2% Fibonacci retracement (of the 8/2012 – 8/2013 decline) resistance at 0.9529. Before that, some minor horizontal line resistance comes in at 0.9400. Short-term, but very important support for AUD/USD comes in at the critical level of 0.9303. A break below that puts the bears in control and will likely lead to a test of lower targets at 0.9247 and/or 0.9213.