8 Aug 2013
AUD/USD sailing to fresh highs
FXstreet.com (New York) - The AUD/USD foreign exchange rate is soaring to new heights Thursday morning, ahead of a steady flow of economic data in Australia.
Later this morning in Australia, a series of employment indicators are slated for release at 01:30 GMT, followed by a series of tentatively planned Chinese trade indicators, which hold have the latitude to move markets during Asian trading.
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “Today’s AUD/USD direction will be dependent on the data but the 4 hour charts do have some positive momentum and if solid offers in the 0.9020 area can be overcome, we could see progress towards 0.9068 (50% of 0.9295/0.8848) and 0.9118 (61.8% of 0.9295/0.8848). It would take a good reading in the jobs number to bring this about, and given the way the economy appears to be heading, any real upside momentum looks a bit doubtful.”
On a more long-term basis, Technicians still believe a move to the Fibonacci-generated downside target at 0.8812 is still in the cards for the AUD/USD. Once that level is tested, they note, a more substantial corrective bounce up to 0.9226 is likely. Keep in mind, though, that any upside move off of the downside targets will likely be only corrective in nature – meaning there will still be more downside to come once the correction runs its course. By most technicians’ accounts, there will be a series of up and down waves in the AUD/USD over the short, intermediate and long-term, but that the overall trend should be lower over the long-term.
AUD/USD technical levels
At the time of writing, the AUD/USD is now operating at 0.9028, securing an advance of +0.25% above its opening thus far. Briefing the technicals, the AUD/USD already broke above initial resistance 0.9015 (August 7 high), onto 0.9048 (July 30 lows), 0.9072 (July 31 high).
Later this morning in Australia, a series of employment indicators are slated for release at 01:30 GMT, followed by a series of tentatively planned Chinese trade indicators, which hold have the latitude to move markets during Asian trading.
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “Today’s AUD/USD direction will be dependent on the data but the 4 hour charts do have some positive momentum and if solid offers in the 0.9020 area can be overcome, we could see progress towards 0.9068 (50% of 0.9295/0.8848) and 0.9118 (61.8% of 0.9295/0.8848). It would take a good reading in the jobs number to bring this about, and given the way the economy appears to be heading, any real upside momentum looks a bit doubtful.”
On a more long-term basis, Technicians still believe a move to the Fibonacci-generated downside target at 0.8812 is still in the cards for the AUD/USD. Once that level is tested, they note, a more substantial corrective bounce up to 0.9226 is likely. Keep in mind, though, that any upside move off of the downside targets will likely be only corrective in nature – meaning there will still be more downside to come once the correction runs its course. By most technicians’ accounts, there will be a series of up and down waves in the AUD/USD over the short, intermediate and long-term, but that the overall trend should be lower over the long-term.
AUD/USD technical levels
At the time of writing, the AUD/USD is now operating at 0.9028, securing an advance of +0.25% above its opening thus far. Briefing the technicals, the AUD/USD already broke above initial resistance 0.9015 (August 7 high), onto 0.9048 (July 30 lows), 0.9072 (July 31 high).