4 Sep 2013
AUD/USD rockets through short-term correction resistance at 0.9083
FXstreet.com (Barcelona) - The AUD/USD passed the Aussie GDP announcement as if it were a mere mile-marker (or kilometer marker) on a high speed freeway. Technicals and US data to drive the action for the rest of the week.
AUD/USD breaks through one resistance and has next in sites
The first of three Fibonacci projections at 0.9083 was no match for AUD/USD and it’s looking like the technicians call for a move up to 0.9264 may be coming to fruition.
Wednesday brings traders more data to digest from the US including the US Trade Balance, the Fed’s Beige Book and some speaking time for the FOMC’s William Dudley.
Technical outlook for AUD/USD
Technicians are saying that the AUD/USD should continue to work its way higher until the macro correction resistance / Fibonacci retracement resistance at 0.9264 is reached. Shorter-term resistance comes into play at 0.9129 and 0.9157 – both of which are Fibonacci projections. Support for AUD/USD comes in at 0.9031 and 0.9000 – both of which are horizontal line supports.
AUD/USD breaks through one resistance and has next in sites
The first of three Fibonacci projections at 0.9083 was no match for AUD/USD and it’s looking like the technicians call for a move up to 0.9264 may be coming to fruition.
Wednesday brings traders more data to digest from the US including the US Trade Balance, the Fed’s Beige Book and some speaking time for the FOMC’s William Dudley.
Technical outlook for AUD/USD
Technicians are saying that the AUD/USD should continue to work its way higher until the macro correction resistance / Fibonacci retracement resistance at 0.9264 is reached. Shorter-term resistance comes into play at 0.9129 and 0.9157 – both of which are Fibonacci projections. Support for AUD/USD comes in at 0.9031 and 0.9000 – both of which are horizontal line supports.