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4 Nov 2013
AUD/USD gaps higher on good Chinese PMI data but is giving some back already
FXstreet.com (Barcelona) - AUD/USD bulls hoping to regain control of the technical situation were hoping that the gap-up open Monday would get some traction. However, many of those gains are already being surrendered after just an hour of trading.
AUD/USD traders to react to Aussie and US data for the rest of the session Monday
Now that the bullish Chinese data has for the most part been digested, AUD/USD traders will have their sights set on Aussie Securities Inflation , Housing Prices, Commodity Prices and Retail Sales data as well as US ISM New York Index, US factory Orders and several Fed Heads making the rounds
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 Aussie and US data for the rest of the session Monday
Now that the bullish Chinese data has for the most part been digested, AUD/USD traders will have their sights set on Aussie Securities Inflation , Housing Prices, Commodity Prices and Retail Sales data as well as US ISM New York Index, US factory Orders and several Fed Heads making the rounds
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.