29 Jul 2013
AUD/USD churning between 0.9297 and 0.9131 to start the week
FXstreet.com (Barcelona) - The Aussie Dollar / US Dollar (AUDUSD) is in short-term “no-man’s land” and awaiting guidance from this week’s data while remaining oversold on a longer-term basis.
AUD/USD traders will have plenty of data to digest this coming week
While it will take a bit to get flowing, this week will bring a flood of key data from the US and Australia and other key “global influencers” which have the potential to move the AUD/USD. In the short-term, the AUD/USD is bracketed by resistance at 0.9297 and support at 0.9131. A breakout or breakdown out of this range will give traders the answer to the question of “Where’s the next big move going?”
Technical outlook for AUD/USD
Technicians were calling for more of an oversold bounce to occur, but the bearish Chinese news last week sent the AUD reeling temporarily. The net result is that AUD/USD is likely to move substantially in one direction or the other sooner rather than later. Past the short-term resistance at 0.9297, the June 26th peak at 0.9344 would be next, followed by a Fibonacci projection at 0.9390. Short-term support beyond the 0.9131 level comes in at the July 12th intraday low at 0.8997 and is followed by open space below that.
AUD/USD traders will have plenty of data to digest this coming week
While it will take a bit to get flowing, this week will bring a flood of key data from the US and Australia and other key “global influencers” which have the potential to move the AUD/USD. In the short-term, the AUD/USD is bracketed by resistance at 0.9297 and support at 0.9131. A breakout or breakdown out of this range will give traders the answer to the question of “Where’s the next big move going?”
Technical outlook for AUD/USD
Technicians were calling for more of an oversold bounce to occur, but the bearish Chinese news last week sent the AUD reeling temporarily. The net result is that AUD/USD is likely to move substantially in one direction or the other sooner rather than later. Past the short-term resistance at 0.9297, the June 26th peak at 0.9344 would be next, followed by a Fibonacci projection at 0.9390. Short-term support beyond the 0.9131 level comes in at the July 12th intraday low at 0.8997 and is followed by open space below that.