11 Dec 2013
AUD/USD slowing up ahead of tougher resistances?
FXstreet.com (London) - AUD/USD is flattening out on the ascending trend from last week.
Strategists at Commerzbank noted that last week the market saw a divergence of the daily RSI and on Friday charted a key day reversal. “Both factors imply a reluctance to sustain a break below psychological support at 0.9000 at this juncture. Resistance line at 0.9232”. They explained that the Elliot wave count is suggesting there is scope for a rebound to 0.9200, 0.9265. “Provided that the topside is capped by the 0.9232 resistance line and 0.9265 we will maintain a negative bias. We target the 0.8848 August low and 0.8745, the base of a 2 year down channel”. Data wise, Tomorrow’s consumer sentiment is worth a quick glance (last 110.3) according to research teams at TD Securities. “Then the marquee event is the unemployment (TD +10k lifts the unemployment rate back to 5.8%, mkt the same)”. For the USD, they said, “Later in the week is Thursday’s retail sales report (which we expect to show moderate consumer spending in November) and on going budget negotiations, with the budget committee’s recommendation to Congress due by Friday”.
AUD/USD Levels
The 20 DMA is 0.9200, 0.9381, 0.9576. RSI (14) reads 69.80. Supports are ascending from 0.8989, 0.9021, 0.9059, 0.9070 and 0.9104. Spot is 0.9150, 0.9169, 0.9204 and 0.9260.
Strategists at Commerzbank noted that last week the market saw a divergence of the daily RSI and on Friday charted a key day reversal. “Both factors imply a reluctance to sustain a break below psychological support at 0.9000 at this juncture. Resistance line at 0.9232”. They explained that the Elliot wave count is suggesting there is scope for a rebound to 0.9200, 0.9265. “Provided that the topside is capped by the 0.9232 resistance line and 0.9265 we will maintain a negative bias. We target the 0.8848 August low and 0.8745, the base of a 2 year down channel”. Data wise, Tomorrow’s consumer sentiment is worth a quick glance (last 110.3) according to research teams at TD Securities. “Then the marquee event is the unemployment (TD +10k lifts the unemployment rate back to 5.8%, mkt the same)”. For the USD, they said, “Later in the week is Thursday’s retail sales report (which we expect to show moderate consumer spending in November) and on going budget negotiations, with the budget committee’s recommendation to Congress due by Friday”.
AUD/USD Levels
The 20 DMA is 0.9200, 0.9381, 0.9576. RSI (14) reads 69.80. Supports are ascending from 0.8989, 0.9021, 0.9059, 0.9070 and 0.9104. Spot is 0.9150, 0.9169, 0.9204 and 0.9260.