25 Oct 2013
AUD/USD pauses Thursday after bearish action Wednesday; 0.9571 first support
FXstreet.com (Barcelona) - The AUD/USD showed plenty of volatility Thursday but finished nearly unchanged at the end of the day. That kind of action immediately after a big reversal day typically leads to more action in the same direction in the near future.
AUD/USD traders to react to US data Friday
With no more news due out of Australia this week, AUD/USD traders will have to trade directionally off of US news and data including Durable Goods, Wholesale Inventories and the University of Michigan Consumer Sentiment Index – all due out during the US session on Friday.
Technical outlook for AUD/USD
Technicians note that the AUD/USD may be in for more of a correction – possibly down to 0.9521. Shorter-term support comes in at 0.9571 – Thursday’s intraday low. Resistance for the cross comes in at Thursday’s peak at 0.9670 and is followed by Wednesday’s peak of 0.9756.
AUD/USD traders to react to US data Friday
With no more news due out of Australia this week, AUD/USD traders will have to trade directionally off of US news and data including Durable Goods, Wholesale Inventories and the University of Michigan Consumer Sentiment Index – all due out during the US session on Friday.
Technical outlook for AUD/USD
Technicians note that the AUD/USD may be in for more of a correction – possibly down to 0.9521. Shorter-term support comes in at 0.9571 – Thursday’s intraday low. Resistance for the cross comes in at Thursday’s peak at 0.9670 and is followed by Wednesday’s peak of 0.9756.