AUD/USD testing “extreme correction” support at 0.9516 right here, right now!

FXstreet.com (Barcelona) - The AUD/USD has been tumbling after RBA Governor Stevens’ rather dovish comments on the Aussie Dollar. Now, however, technicians say the AUD/USD is at a make or break point on the short-term chart.

AUD/USD traders to react to a flurry of US data Tuesday

With the Stevens comments roiling the Aussie pairs thus far Tuesday, AUD/USD traders will be in waiting and watching mode for the next 11 – 12 hours. They will be waiting for the heavy flow of US data to commence early in the US session Tuesday – including: PPI; Retail Sales; S&P Case Schiller Home Prices; Business Inventories; Consumer Confidence; and, the Monthly US Budget data.

They will be watching to see if the AUD/USD can manage to hold key short-term support at 0.9516.

Technical outlook for AUD/USD

Technicians note that the AUD/USD is right at key “correction support” at 0.9516. Additional support comes from Finbonacci projections at 0.9460 and 0.9424. Resistance for the cross comes in at today’s peak at 0.9574 and is backed up by last Thursday’s peak at 0.9670 and last Wednesday’s peak of 0.9756.