23 Dec 2013
AUD/USD well off of last week’s lows; technicians say bounce may contine to at least 0.8990
FXstreet.com (Barcelona) - The AUD/USD finally found a floor last week at around 0.8819 – which technicians believe may be a third wave low – and has started to bounce. Will the Aussie really be that strong or the greenback be that weak?
AUD/USD traders to monitor US data later in the session
With no Aussie data due out Monday, AUD/USD traders will be relegated to reacting to US data points due out starting at 13:30 GMT:
• Chicago Fed National Activity Index
• Personal Consumption and Spending data
• Reuters / University of Michigan Consumer Sentiment Index
Technical outlook for AUD/USD
Technicians say the AUD/USD is still in a very pronounced downtrend but that third wave (using Elliott Wave jargon) targets have been met and that a fourth wave bounce may be under way. If that is the case, they say the minimum upside target will be 0.8990 and the maximum upside target would be 0.9266. In the shorter-term, support comes in at the recent lows at 0.8990 and resistance comes in at the 12/16 intraday high of 0.8969.
AUD/USD traders to monitor US data later in the session
With no Aussie data due out Monday, AUD/USD traders will be relegated to reacting to US data points due out starting at 13:30 GMT:
• Chicago Fed National Activity Index
• Personal Consumption and Spending data
• Reuters / University of Michigan Consumer Sentiment Index
Technical outlook for AUD/USD
Technicians say the AUD/USD is still in a very pronounced downtrend but that third wave (using Elliott Wave jargon) targets have been met and that a fourth wave bounce may be under way. If that is the case, they say the minimum upside target will be 0.8990 and the maximum upside target would be 0.9266. In the shorter-term, support comes in at the recent lows at 0.8990 and resistance comes in at the 12/16 intraday high of 0.8969.