18 Nov 2013
AUD/USD starts off week with room to runtil true test of 0.9397
FXstreet.com (Barcelona) - The AUD/USD enters the week in a bullish technical posture after holding important “correction support” last week at 0.9266. Will the data favor the bulls or the bears this week?
AUD/USD traders ready for fresh set of market-moving data this week
Monday’s data calendar is fairly light for AUD/USD traders with no data due out from Australia and only Net Long-Term TIC flows and the NAHB Housing Market Index due out from the US.
The data flow will pick up for Australia with the Reserve Bank of Australia’s monthly Meeting Minutes on Tuesday.
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 short-term “correction resistance” at 0.9397 and the 11/1 close at 0.9434.
AUD/USD traders ready for fresh set of market-moving data this week
Monday’s data calendar is fairly light for AUD/USD traders with no data due out from Australia and only Net Long-Term TIC flows and the NAHB Housing Market Index due out from the US.
The data flow will pick up for Australia with the Reserve Bank of Australia’s monthly Meeting Minutes on Tuesday.
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 short-term “correction resistance” at 0.9397 and the 11/1 close at 0.9434.