11 Dec 2013
AUD/USD stuck in the intraday doldrums after sluggish consumer confidence
FXstreet.com (Barcelona) - The AUD/USD entered the Tuesday trading session on an up note after following through on Friday’s bullish reversal candle with more gains Monday. However, a miss on the Aussie consumer confidence numbers gave traders pause.
AUD/USD traders heeding the bearish confidence news while waiting for US guidance
AUD/USD traders reacted to the very sluggish Aussie confidence numbers by selling the AUD/USD cross and taking it well off of session highs – although the give back versus the previous couple of days’ gains was minimal. Later in the session Wednesday, traders will be eyeing US data and news surrounding their Monthly Budget figures as well as the Federal Budget that the House of Representatives passed Tuesday –which now needs to pass through the Senate and Presidential scrutiny.
Technical outlook for AUD/USD
Technicians note that the AUD/USD managed to hold support at 0.9120 Friday and posted a very bullish reversal candle on the chart in the process. 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 last Monday’s high of 0.9167 (which was tested late on Tuesday) and is backed up by the 11/12 close at 0.9301.
AUD/USD traders heeding the bearish confidence news while waiting for US guidance
AUD/USD traders reacted to the very sluggish Aussie confidence numbers by selling the AUD/USD cross and taking it well off of session highs – although the give back versus the previous couple of days’ gains was minimal. Later in the session Wednesday, traders will be eyeing US data and news surrounding their Monthly Budget figures as well as the Federal Budget that the House of Representatives passed Tuesday –which now needs to pass through the Senate and Presidential scrutiny.
Technical outlook for AUD/USD
Technicians note that the AUD/USD managed to hold support at 0.9120 Friday and posted a very bullish reversal candle on the chart in the process. 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 last Monday’s high of 0.9167 (which was tested late on Tuesday) and is backed up by the 11/12 close at 0.9301.