8 Nov 2013
AUD/USD crushed Thursday and has room to fall yet; downside target 0.9385
FXstreet.com (Barcelona) - AUD/USD traders were blessed with several large moves off of which they could have profited – the trick was and is to execute properly. Friday data starts early with the RBA’s meeting minutes due out shortly.
AUD/USD traders will have plenty of data to digest Friday
The AUD/USD will be trading off of the release of the Reserve Bank of Australia’s monthly policy meeting minutes in just a few minutes. After that, there will only be technicals to guide traders until the US session begins – where the monthly non-farm payrolls numbers and consumer confidence data will be sure to move things around globally.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support (which was tested late Thursday). Additional support comes from Monday’s intraday low of 0.9420 and is backed up by the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at one of Thursday’s pivot highs at 0.9509 and is backed up by Tuesday’s peak at 0.9536.
AUD/USD traders will have plenty of data to digest Friday
The AUD/USD will be trading off of the release of the Reserve Bank of Australia’s monthly policy meeting minutes in just a few minutes. After that, there will only be technicals to guide traders until the US session begins – where the monthly non-farm payrolls numbers and consumer confidence data will be sure to move things around globally.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support (which was tested late Thursday). Additional support comes from Monday’s intraday low of 0.9420 and is backed up by the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at one of Thursday’s pivot highs at 0.9509 and is backed up by Tuesday’s peak at 0.9536.