5 Nov 2013
AUD/USD tops out at 0.9513 Monday and starts a short-term correction ahead of RBA
FXstreet.com (Barcelona) - AUD/USD traders await the Reserve Bank of Australia’s interest rate decision and commentary in a few hours and technicians are split in where the cross goes from here.
AUD/USD traders get the biggest Aussie news on the monthly schedule Tuesday
The Reserve Bank of Australia will be releasing their interest rate decision and accompanying commentary at 03:30 GMT. That news, along with the china Services PMI data just before that will be the key drivers for the AUD/USD early in Tuesday’s session. Later in the session, the US will take center stage with the monthly read on ISM Manufacturing PMI.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support. Additional support comes from Monday’s intraday low of 0.9420 and is backed up by the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at last Wednesday’s peak at 0.9515 and is backed up by the 10/24 peak at 0.9670 and Monday’s peak of 0.9756.
AUD/USD traders get the biggest Aussie news on the monthly schedule Tuesday
The Reserve Bank of Australia will be releasing their interest rate decision and accompanying commentary at 03:30 GMT. That news, along with the china Services PMI data just before that will be the key drivers for the AUD/USD early in Tuesday’s session. Later in the session, the US will take center stage with the monthly read on ISM Manufacturing PMI.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support. Additional support comes from Monday’s intraday low of 0.9420 and is backed up by the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at last Wednesday’s peak at 0.9515 and is backed up by the 10/24 peak at 0.9670 and Monday’s peak of 0.9756.