13 Nov 2013
AUD/USD working off oversold condition with modest upside; 0.9221 eventual target
FXstreet.com (Barcelona) - AUD/USD may have bottomed for the short-term with Tuesday’s sell-off as the cross was /is oversold and two Fibonacci levels of support were tested.
AUD/USD traders reacting to combo of low inflation and good consumer comfidence
The AUD/USD is trading modestly higher after several wild post-Aussie-data swings early Wednesday. The cross reacted fairly bullishly on a “net” basis following the desirable combination of rising confidence along with subdued inflation readings. The AUD/USD is trading at 0.9303 after trading as low as 0.9351.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9351 – today’s low and the “b” wave pivot of an “abc” correction to the upside. Resistance for the cross comes in at correction resistance at 0.9371. Above that level – if it fails as resistance – comes the Fibonacci projections at 0.9379 and 0.9383.
AUD/USD traders reacting to combo of low inflation and good consumer comfidence
The AUD/USD is trading modestly higher after several wild post-Aussie-data swings early Wednesday. The cross reacted fairly bullishly on a “net” basis following the desirable combination of rising confidence along with subdued inflation readings. The AUD/USD is trading at 0.9303 after trading as low as 0.9351.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9351 – today’s low and the “b” wave pivot of an “abc” correction to the upside. Resistance for the cross comes in at correction resistance at 0.9371. Above that level – if it fails as resistance – comes the Fibonacci projections at 0.9379 and 0.9383.