14 Oct 2013
AUD/USD on ascending triangle pattern at 0.9430
FXstreet.com (Chicago) - AUD/USD started weak against a dollar that walks the risk line as Washington continues arguing after another weekend that goes by without solutions to the shutdown.
Conflict that continues
The US shutdown has the world at its knees with less than one week left before the US debt ceiling deficit and a political crisis that finds no solutions or agreements. Celebrating Columbus Day, the markets will be closed leaving price action at the mercy of further developments in Asia and potential, yet improbable, news in Washington solving the conflict.
AUD/USD Technical Levels
Technically speaking, the pair is offered at 0.9429 and oscillates between supports set at 0.9388 (October 9th lows), 0.9333 (October 2nd lows) ahead of 0.9281 (September 27th lows) and the resistances aligned at 0.9458 (October 4th highs), 0.9485 (October 7th highs) followed by 0.9529 (September 18th highs). Early weaker-than-expected Chinese data may have caused the 40 pips exhaustion gap. According to Sean Lee from FXWW “the AUD/USD has 'only' fallen by 40 pips on what are shocking numbers which suggests to me that the market is certainly not long and there aren't many tight downside stops.”
Conflict that continues
The US shutdown has the world at its knees with less than one week left before the US debt ceiling deficit and a political crisis that finds no solutions or agreements. Celebrating Columbus Day, the markets will be closed leaving price action at the mercy of further developments in Asia and potential, yet improbable, news in Washington solving the conflict.
AUD/USD Technical Levels
Technically speaking, the pair is offered at 0.9429 and oscillates between supports set at 0.9388 (October 9th lows), 0.9333 (October 2nd lows) ahead of 0.9281 (September 27th lows) and the resistances aligned at 0.9458 (October 4th highs), 0.9485 (October 7th highs) followed by 0.9529 (September 18th highs). Early weaker-than-expected Chinese data may have caused the 40 pips exhaustion gap. According to Sean Lee from FXWW “the AUD/USD has 'only' fallen by 40 pips on what are shocking numbers which suggests to me that the market is certainly not long and there aren't many tight downside stops.”