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16 Sep 2013
Overbought AUD/USD falters at Thursday’s high of 0.9353; pullback support 0.9222
FXstreet.com (Barcelona) - The AUD/USD gapped higher in the first session of the new week on US Fed / Summers news but failed to eclipse Thursday’s high of 0.9353 and still faces key US / Australian data / news flow this week.
Australian data and US data / news flow to dictate AUD/USD’s action this week
AUD/USD traders will get some directional guidance from US data (Empire State Manufacturing, industrial production and Capacity Utilization) Monday and the Reserve Bank of Australia’s policy meeting minutes Tuesday. However, the big driver of AUD/USD trading action this week will likely be the FOMC meeting, rate decision and tapering announcement on Wednesday.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets are 0.9434 and 0.9525 – each a Fibonacci price projection line. However, technicians note that the AUD/USD is clearly overbought in the short-term – so some backing and filling may occur as it did on Friday. Support comes in at Thursday and Friday’s low of 0.9222 and is followed up by 0.9197 – the August peak.
Australian data and US data / news flow to dictate AUD/USD’s action this week
AUD/USD traders will get some directional guidance from US data (Empire State Manufacturing, industrial production and Capacity Utilization) Monday and the Reserve Bank of Australia’s policy meeting minutes Tuesday. However, the big driver of AUD/USD trading action this week will likely be the FOMC meeting, rate decision and tapering announcement on Wednesday.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets are 0.9434 and 0.9525 – each a Fibonacci price projection line. However, technicians note that the AUD/USD is clearly overbought in the short-term – so some backing and filling may occur as it did on Friday. Support comes in at Thursday and Friday’s low of 0.9222 and is followed up by 0.9197 – the August peak.