Back
23 Sep 2013
AUD/USD opens lower – continuing downside post-test of 0.9529 Fibo resistance
FXstreet.com (Barcelona) - AUD/USD comes into this week with a modest bearish bias after being rejected on its first try at the 0.9529 Fibonacci resistance level.
AUD/USD traders looking for new wave of bullish news as fuel for next run
Last week, the global trading community received the news that the FOMC would continue on with the QE3 stimulus program – which should have given the AUD/USD a boost. What happened instead was that traders assumed that the RBA would not buck the FOMC’s lead and would instead begrudgingly remain dovish with their own policy. The result of the week’s trading in AUD/USD was a bearish reversal off of key Fibonacci resistance at 0.9529.
Monday, AUD/USD traders get to digest manufacturing PMI from the US as well as the Chicago Fed National Activity Index. Additionally, “Fed heads” Dudley and Lockhart will be giving speeches.
Technical outlook for AUD/USD
As noted above, technical resistance for AUD/USD comes in at the 38.2% Fibonacci retracement (of the 8/2012 – 8/2013 decline) resistance at 0.9529. Before that, some minor horizontal line resistance comes in at 0.9400. Short-term support for AUD/USD comes in at the horizontal lines of 0.9295 and 0.9200.
AUD/USD traders looking for new wave of bullish news as fuel for next run
Last week, the global trading community received the news that the FOMC would continue on with the QE3 stimulus program – which should have given the AUD/USD a boost. What happened instead was that traders assumed that the RBA would not buck the FOMC’s lead and would instead begrudgingly remain dovish with their own policy. The result of the week’s trading in AUD/USD was a bearish reversal off of key Fibonacci resistance at 0.9529.
Monday, AUD/USD traders get to digest manufacturing PMI from the US as well as the Chicago Fed National Activity Index. Additionally, “Fed heads” Dudley and Lockhart will be giving speeches.
Technical outlook for AUD/USD
As noted above, technical resistance for AUD/USD comes in at the 38.2% Fibonacci retracement (of the 8/2012 – 8/2013 decline) resistance at 0.9529. Before that, some minor horizontal line resistance comes in at 0.9400. Short-term support for AUD/USD comes in at the horizontal lines of 0.9295 and 0.9200.