15 Nov 2013
AUD/USD opens gently higher after a partial give-back of Wednesday’s big gains
FXstreet.com (Barcelona) - AUD/USD bulls seem to be in a favorable entry zone for new / additional long positions – based purely on potential reward versus potential risk. Which country’s data flow will improve first and which more significantly?
AUD/USD traders to react to heavy US data flow
The AUD/USD pulled back Thursday after the big up day Wednesday. But, Elliott Wave technicians say the overall wave count says the cross should now be headed higher. The only way the cound would turn more bearish is if 0.9266 is taken out on the downside.
Friday’s schedule of data likely to affect the AUD/USD includes: US import / export prices; US Industrial Production and Capacity Utilization; US Wholesale Inventories; and the US NY Empire state Manufacturing Index. Notice there is no news flow from Australia on that list.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has strong support at 0.9266 – the “c” wave of an “abc” correction to the downside. The eventual upside target for AUD/USD comes in all the way up at 1.0070. However, there will be many check points on the way up there say technicians – starting with the 11/1 close at 0.9434 and the 11/6 peak at 0.9542.
AUD/USD traders to react to heavy US data flow
The AUD/USD pulled back Thursday after the big up day Wednesday. But, Elliott Wave technicians say the overall wave count says the cross should now be headed higher. The only way the cound would turn more bearish is if 0.9266 is taken out on the downside.
Friday’s schedule of data likely to affect the AUD/USD includes: US import / export prices; US Industrial Production and Capacity Utilization; US Wholesale Inventories; and the US NY Empire state Manufacturing Index. Notice there is no news flow from Australia on that list.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has strong support at 0.9266 – the “c” wave of an “abc” correction to the downside. The eventual upside target for AUD/USD comes in all the way up at 1.0070. However, there will be many check points on the way up there say technicians – starting with the 11/1 close at 0.9434 and the 11/6 peak at 0.9542.