31 Oct 2013
AUD/USD corrects deeper than the bulls had hoped; data has the cross bouncing Thursday
FXstreet.com (Barcelona) - The next Fibonacci-generated pullback target for AUD/USD comes in at 0.9389 and was within striking distance heading into today’s Aussie data flow.
AUD/USD traders to react to Aussie and US data Thursday
AUD/USD traders are reacting bullishly (initially) to a flurry of minor data points in Australia including Aussie building permits, import / export prices and private sector credit. Later in the session, they will also be trading off of US data including Weekly Jobless Claims and Chicago PMI.
Technical outlook for AUD/USD
Technicians note that the AUD/USD broke one support at 0.9512 and is not too far away from the next support at Wednesday’s low at 0.9440. Additional support comes from the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at Wednesday’s peak at 0.9515 and is backed up by last Thursday’s peak at 0.9670 and Monday’s peak of 0.9756.
AUD/USD traders to react to Aussie and US data Thursday
AUD/USD traders are reacting bullishly (initially) to a flurry of minor data points in Australia including Aussie building permits, import / export prices and private sector credit. Later in the session, they will also be trading off of US data including Weekly Jobless Claims and Chicago PMI.
Technical outlook for AUD/USD
Technicians note that the AUD/USD broke one support at 0.9512 and is not too far away from the next support at Wednesday’s low at 0.9440. Additional support comes from the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at Wednesday’s peak at 0.9515 and is backed up by last Thursday’s peak at 0.9670 and Monday’s peak of 0.9756.