12 Nov 2013
AUD/USD opens the Tuesday session on the downside but may grind higher before heading lower
FXstreet.com (Barcelona) - AUD/USD traders appear to be taking the cross through a corrective move higher before allowing it to tumble to the ultimate downside target of 0.9327.
AUD/USD traders to focus on Aussie and US data Tuesday
The AUD/USD will be trading off of the release of the National Australia Bank’s Business Confidence data early in the session as well as the Chicago Fed National Activity Index in the US later in the session.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9351 – today’s low and the “b” wave pivot of ann “abc” correction to the upside. Resistance for the cross comes in at correction resistance at 0.9371. Above that level – if it fails as resistance – comes the Fibonacci projections at 0.9379 and 0.9383.
AUD/USD traders to focus on Aussie and US data Tuesday
The AUD/USD will be trading off of the release of the National Australia Bank’s Business Confidence data early in the session as well as the Chicago Fed National Activity Index in the US later in the session.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9351 – today’s low and the “b” wave pivot of ann “abc” correction to the upside. Resistance for the cross comes in at correction resistance at 0.9371. Above that level – if it fails as resistance – comes the Fibonacci projections at 0.9379 and 0.9383.