9 Jan 2014
AUD/USD rebounds after retail sales report
FXstreet.com (Córdoba) - The AUD/USD rebounded from weekly lows and rose back above 0.8900 following the release of economic data in Australia. Retail sales rose in November 0.7% surpassing expectations of a 0.3% increase, while building permits decline more than expected, falling 1,5%. The Aussie gained momentum across the board following the reports and trimmed Wednesday's losses. In an hour, China CPI will be released.
After hitting a daily low at 0.8882, the AUD/USD has risen more than 30 pips, boosted by economic numbers. At the moment of writing trades at 0.8909, just 5 pips below today's opening price.
Technical outlook for the AUD/USD
The AUD/USD continues to move further away from the 0.9000 area and is still facing pressure, attempting to hold above 0.8900. Jim Langlands, from FX Charts, points out that above 0.9010 there are stops, “which if taken out could drive the Aud on to the first Fibo resistance at 0.9033 (23.6% of 0.9757/0.8818).” But Langlands says that it looks unlikely to happen in the next couple of sessions.
Below 0.9000, the AUD/USD could face resistance at 0.8950 (January 8 high) and 0.8975 while to the downside support might be located at 0.8880 (daily low) and 0.8830 (December 27 low).
After hitting a daily low at 0.8882, the AUD/USD has risen more than 30 pips, boosted by economic numbers. At the moment of writing trades at 0.8909, just 5 pips below today's opening price.
Technical outlook for the AUD/USD
The AUD/USD continues to move further away from the 0.9000 area and is still facing pressure, attempting to hold above 0.8900. Jim Langlands, from FX Charts, points out that above 0.9010 there are stops, “which if taken out could drive the Aud on to the first Fibo resistance at 0.9033 (23.6% of 0.9757/0.8818).” But Langlands says that it looks unlikely to happen in the next couple of sessions.
Below 0.9000, the AUD/USD could face resistance at 0.8950 (January 8 high) and 0.8975 while to the downside support might be located at 0.8880 (daily low) and 0.8830 (December 27 low).