6 Dec 2013
AUD/USD bounces out of an oversold condition. More downside ahead before all is done?
FXstreet.com (Barcelona) - The AUD/USD has been getting bludgeoned over the last few weeks on China / Australia concerns as well as improving US data and a higher DXY stemming from higher Treasury rates. Thursday was a reprieve from that trend. Will it last?
AUD/USD traders reacting now to Aussie data and waiting for US barrage later
The Australian Performance of Construction Index came out on the AUD-bullish side of the ledger just a while ago – but the AUDUSD has come back down to pre-release levels. It seems as though most traders in the USD crosses are wisely positioning for and anticipating the heavy flow of important US data during the US session Friday – which includes the monthly non-farm payrolls report.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has bee in a sharp, short-term downtrend since peaking in late-October. The next possible projected support comes in at the Fibonacci-generated 0.8940 and is backed up by the August low of 0.8847. Resistance for the cross starts at Monday’s high of 0.9167 and is backed up by the 11/12 close at 0.9301.
AUD/USD traders reacting now to Aussie data and waiting for US barrage later
The Australian Performance of Construction Index came out on the AUD-bullish side of the ledger just a while ago – but the AUDUSD has come back down to pre-release levels. It seems as though most traders in the USD crosses are wisely positioning for and anticipating the heavy flow of important US data during the US session Friday – which includes the monthly non-farm payrolls report.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has bee in a sharp, short-term downtrend since peaking in late-October. The next possible projected support comes in at the Fibonacci-generated 0.8940 and is backed up by the August low of 0.8847. Resistance for the cross starts at Monday’s high of 0.9167 and is backed up by the 11/12 close at 0.9301.