27 Nov 2013
AUD/USD falters after bouncing early Tuesday; starts Wednesday off in the red
FXstreet.com (Barcelona) - The AUD/USD once again broke the bulls’ hearts after bouncing initially following comments out of the RBA’s Phillip Lowe Tuesday. The cross finished near the lows and has started out in the red Wednesday.
AUD/USD traders to monitor US data later in the session
There is no data due out of Australia Wednesday. So, AUD/USD traders will be reacting primarily to a heavy flow of data out of the US later in the session including: Durable Goods Orders; Weekly Jobless Claims; Chicago PMI; Leading Indicators; and the University of Michigan Consumer Sentiment.
Technical outlook for AUD/USD
Technicians note that the AUD/USD is technically broken in the short-term. The next possible projected support comes in at the Fibonacci-generated 0.8964 and is backed up by the August low of 0.8847. Resistance for the cross starts at Thursday’s high of 0.9203 and is backed up by the 11/12 close at 0.9301.
AUD/USD traders to monitor US data later in the session
There is no data due out of Australia Wednesday. So, AUD/USD traders will be reacting primarily to a heavy flow of data out of the US later in the session including: Durable Goods Orders; Weekly Jobless Claims; Chicago PMI; Leading Indicators; and the University of Michigan Consumer Sentiment.
Technical outlook for AUD/USD
Technicians note that the AUD/USD is technically broken in the short-term. The next possible projected support comes in at the Fibonacci-generated 0.8964 and is backed up by the August low of 0.8847. Resistance for the cross starts at Thursday’s high of 0.9203 and is backed up by the 11/12 close at 0.9301.