4 Nov 2013
AUD/USD trying more upside after Monday’s gap-up and consolidation; resistance 0.9515
FXstreet.com (Barcelona) - AUD/USD bulls got what they wanted in hot Aussie retail sales after nearly surrendering the opening gap up in early trading.
AUD/USD traders to react to US data later in the session Monday
Now that the bullish Chinese and Australian data has been digested, AUD/USD traders will have their sights set on the US ISM New York Index and more Fed heads’ comments hitting the wires during US trading hours.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support. Additional support comes from the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at last Wednesday’s peak at 0.9515 and is backed up by the 10/24 peak at 0.9670 and Monday’s peak of 0.9756.
AUD/USD traders to react to US data later in the session Monday
Now that the bullish Chinese and Australian data has been digested, AUD/USD traders will have their sights set on the US ISM New York Index and more Fed heads’ comments hitting the wires during US trading hours.
Technical outlook for AUD/USD
Technicians note that the AUD/USD has very short term support at 0.9440 – correction support and horizontal line support. Additional support comes from the Fibonacci retracement line at 0.9389. Resistance for the cross comes in at last Wednesday’s peak at 0.9515 and is backed up by the 10/24 peak at 0.9670 and Monday’s peak of 0.9756.