10 Oct 2013
AUD/USD retraces all post-data gains and testing session low at 0.9420
FXstreet.com (Barcelona) - The AUD/USD cross continues a wild, whippy section with multiple cross-currents on the fundamental front driving the cross all over the road.
AUD/USD traders being whipsawed
Australian jobs numbers were disappointing but their unemployment rate actually fell – giving rise to the very whippy, volatile action we have seen in AUD/USD since the data were released at 00:30 GMT. The latest move took the cross all the way back down to the post-data spike low at 0.9420. Now, the bulls are trying to stage yet another change-of-direction rally.
Traders will still get to react to Chinese new loans, US import/export prices, US weekly jobless claims, multiple Fed Head speeches and the US 30-Year Bond auction.
Technical outlook for AUD/USD
Above today’s spike of 0.9471, technicians say the AUD/USD faces resistance at Tuesday’s high of 0.9483. The next projected target on the upside on a breakout is 0.9527. First support comes in at the session lows at 0.9420 and is backed up by additional short-term support at .9412.
AUD/USD traders being whipsawed
Australian jobs numbers were disappointing but their unemployment rate actually fell – giving rise to the very whippy, volatile action we have seen in AUD/USD since the data were released at 00:30 GMT. The latest move took the cross all the way back down to the post-data spike low at 0.9420. Now, the bulls are trying to stage yet another change-of-direction rally.
Traders will still get to react to Chinese new loans, US import/export prices, US weekly jobless claims, multiple Fed Head speeches and the US 30-Year Bond auction.
Technical outlook for AUD/USD
Above today’s spike of 0.9471, technicians say the AUD/USD faces resistance at Tuesday’s high of 0.9483. The next projected target on the upside on a breakout is 0.9527. First support comes in at the session lows at 0.9420 and is backed up by additional short-term support at .9412.