15 Oct 2013
AUD/USD defies shaky Chinese data by finishing higher Monday; 0.9570 target approaching
FXstreet.com (Barcelona) - The AUD/USD cross overcame confidence-draining Chinese trade balance data to finish higher Monday – likely a result of weakness in the greenback. What will Tuesday bring?
AUD/USD traders get to digest RBA meeting minutes early Tuesday
The rally in the AUD/USD seems to be emanating from DC-induced weakness in the greenback – which persists even in the face of rallying risk assets. Perhaps traders have placed the US Dollar back into the category of “safety assets” in advance of a resolution being reached in Washington – which would explain why the AUD/USD would rally Monday right along with the rest of the perceived “risk assets”.
Tuesday will bring AUD/USD traders the Reserve Bank of Australia’s monthly policy meeting minutes – certainly a data release with the power to move the AUD/USD. Additionally, they will have to keep eyes and ears open for anything off-script from Fed Heads Bill Dudley and Richard Fisher.
Technical outlook for AUD/USD
The AUD/USD faces resistance at the September 18th peak at 0.9527 and then at the projected peak at 0.9570. First support comes in at Monday’s low of 0.9428 and if it fails the next possible support is 0.9416.
AUD/USD traders get to digest RBA meeting minutes early Tuesday
The rally in the AUD/USD seems to be emanating from DC-induced weakness in the greenback – which persists even in the face of rallying risk assets. Perhaps traders have placed the US Dollar back into the category of “safety assets” in advance of a resolution being reached in Washington – which would explain why the AUD/USD would rally Monday right along with the rest of the perceived “risk assets”.
Tuesday will bring AUD/USD traders the Reserve Bank of Australia’s monthly policy meeting minutes – certainly a data release with the power to move the AUD/USD. Additionally, they will have to keep eyes and ears open for anything off-script from Fed Heads Bill Dudley and Richard Fisher.
Technical outlook for AUD/USD
The AUD/USD faces resistance at the September 18th peak at 0.9527 and then at the projected peak at 0.9570. First support comes in at Monday’s low of 0.9428 and if it fails the next possible support is 0.9416.