17 Oct 2013
AUD/USD drifting into the red for the session after nearly reaching 0.9570 target
FXstreet.com (Barcelona) - The AUD/USD cross traded higher all day Wednesday and into the Thursday session – stopping just shy of technicians’ projected target of 0.9570 – before beginning to correct lower.
AUD/USD traders to monitor DC news as well as Aussie and US data
The AUD/USD rallied nicely for the first half of the week – trading as high as 0.9563 early in the Thursday session. A combination of AUD bullishness and a “risk on” lean in the global markets overshadowed the few data points that were released and the relief rally in the greenback on the news of a possible DC solution.
Thursday will bring AUD/USD traders the Australian Business Confidence early in the session as well as weekly jobless claims and the Philly Fed Manufacturing Survey out of the US later in the session.
Technical outlook for AUD/USD
The AUD/USD failed thus far to eclipse the Elliott Wave projected resistance at 0.9570. Assuming this session’s peak constituted a test of projected resistance, technicians say pullback targets can be determined to be 0.9397 and 0.9292 – both based on Fibonacci retracement lines.
AUD/USD traders to monitor DC news as well as Aussie and US data
The AUD/USD rallied nicely for the first half of the week – trading as high as 0.9563 early in the Thursday session. A combination of AUD bullishness and a “risk on” lean in the global markets overshadowed the few data points that were released and the relief rally in the greenback on the news of a possible DC solution.
Thursday will bring AUD/USD traders the Australian Business Confidence early in the session as well as weekly jobless claims and the Philly Fed Manufacturing Survey out of the US later in the session.
Technical outlook for AUD/USD
The AUD/USD failed thus far to eclipse the Elliott Wave projected resistance at 0.9570. Assuming this session’s peak constituted a test of projected resistance, technicians say pullback targets can be determined to be 0.9397 and 0.9292 – both based on Fibonacci retracement lines.