14 Nov 2013
AUD/USD looking like a high reward / risk ratio trade for the bulls. Thanks Janet!
FXstreet.com (Barcelona) - AUD/USD may have bottomed with Tuesday’s sell-off as the cross was oversold and two Fibonacci levels of support were tested. Today’s Yellen-related rally in the cross just accentuated the obvious technical set-up.
Aussie news and Yellen’s musings ramp AUD/USD Wednesday
The AUD/USD rallied nicely early Wednesday after the release of the desirable combination of rising confidence along with subdued inflation readings in Aussie data-land. Then, once Janet Yellen dove-speak headlines started making the rounds, any remaining AUD/USD bears were running for cover.
Thursday, AUD/USD traders will be reacting primarily to US data (weekly jobless claims, non-farm productivity, trade balance) and speeches from both Ben Bernanke and Janet Yellen – a.k.a. The Helicopter Twins.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has strong support at 0.9268 – Tuesday’s low and the “c” wave of an “abc” correction to the downside. The eventual upside target for AUD/USD comes in all the way up at 1.0070. However, there will be many check points on the way up there say technicians – starting with the 11/1 close at 0.9434 and the 11/6 peak at 0.9542.
Aussie news and Yellen’s musings ramp AUD/USD Wednesday
The AUD/USD rallied nicely early Wednesday after the release of the desirable combination of rising confidence along with subdued inflation readings in Aussie data-land. Then, once Janet Yellen dove-speak headlines started making the rounds, any remaining AUD/USD bears were running for cover.
Thursday, AUD/USD traders will be reacting primarily to US data (weekly jobless claims, non-farm productivity, trade balance) and speeches from both Ben Bernanke and Janet Yellen – a.k.a. The Helicopter Twins.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has strong support at 0.9268 – Tuesday’s low and the “c” wave of an “abc” correction to the downside. The eventual upside target for AUD/USD comes in all the way up at 1.0070. However, there will be many check points on the way up there say technicians – starting with the 11/1 close at 0.9434 and the 11/6 peak at 0.9542.