8 Aug 2013
AUD/USD rallies past one resistance but stops at the next at 0.9028 post data
FXstreet.com (Barcelona) - The AUD/USD just completed a five-wave move higher off the August 4th low at 0.8847. Weaker-than-expected employment data in Australia capped that rally quite suddenly.
Reality check for Australia in the form of bad employment data
Now that we have seen the RBA’s best “we’re going to be fine” act earlier this week – which acted as a catalyst for an oversold rally – we are seeing reality creep back into the picture for Australia and the AUD/USD in the form of a weaker-than-expected employment report and a technically bearish reversal at 0.9028 resistance.
Technical outlook for AUD/USD
Technicians are now looking at AUD/USD and calling for a short-term re-test of the 8/4 low at 0.8847. Then, they are calling for another run up to 0.9028 resistance before a more substantial move lower takes place. Short-term support for AUD/USD comes in at the 8/4 low at 0.8847 and is followed by Fibonacci-generated support at 0.8812. Resistance for AUD/USD comes in at the afore-mentioned 0.9028 level and is backed up by the 7/25 low at 0.9128.
Reality check for Australia in the form of bad employment data
Now that we have seen the RBA’s best “we’re going to be fine” act earlier this week – which acted as a catalyst for an oversold rally – we are seeing reality creep back into the picture for Australia and the AUD/USD in the form of a weaker-than-expected employment report and a technically bearish reversal at 0.9028 resistance.
Technical outlook for AUD/USD
Technicians are now looking at AUD/USD and calling for a short-term re-test of the 8/4 low at 0.8847. Then, they are calling for another run up to 0.9028 resistance before a more substantial move lower takes place. Short-term support for AUD/USD comes in at the 8/4 low at 0.8847 and is followed by Fibonacci-generated support at 0.8812. Resistance for AUD/USD comes in at the afore-mentioned 0.9028 level and is backed up by the 7/25 low at 0.9128.