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18 Sep 2013
AUD/USD rebounds after bearish reversal late Monday; still below 0.9393 resistance
FXstreet.com (Barcelona) - The AUD/USD worked higher Tuesday but failed to take out Monday’s high of 0.9390 and the projected “correction resistance” of 0.9393.
Aussie data to lead into monumental US news flow Wednesday
AUD/USD will be reacting to Australian Leading Indicators and Leading Index data in addition to an RBA Governor’s speech early Wednesday – all of which certainly has the power to move the AUD/USD. However, perhaps the most anticipated central banker / economic / macro news this year will be coming out late in Wednesday’s session when the US FOMC announces their interest rate policy, releases the accompanying statement and announces their plans regarding their proposed “tapering” program.
The other piece of highly-anticipated news is the announcement of Chairman Bernanke’s replacement – but that could happen at any moment and will be coming from The White House and not the FOMC.
Technical outlook for AUD/USD
Technicians say there’s still a chance that the recent rally in AUD/USD is corrective in nature and not part of a new “primary” wave higher. They note that if AUD/USD can close above 0.9393, this theory will be negated and much more upside should open up for AUD/USD. However, if that resistance holds up, it could be marking a wave 4 peak and wave 5 should be soon-to-commence with downside targets all the way down at the August low of 0.8847 and below.
Aussie data to lead into monumental US news flow Wednesday
AUD/USD will be reacting to Australian Leading Indicators and Leading Index data in addition to an RBA Governor’s speech early Wednesday – all of which certainly has the power to move the AUD/USD. However, perhaps the most anticipated central banker / economic / macro news this year will be coming out late in Wednesday’s session when the US FOMC announces their interest rate policy, releases the accompanying statement and announces their plans regarding their proposed “tapering” program.
The other piece of highly-anticipated news is the announcement of Chairman Bernanke’s replacement – but that could happen at any moment and will be coming from The White House and not the FOMC.
Technical outlook for AUD/USD
Technicians say there’s still a chance that the recent rally in AUD/USD is corrective in nature and not part of a new “primary” wave higher. They note that if AUD/USD can close above 0.9393, this theory will be negated and much more upside should open up for AUD/USD. However, if that resistance holds up, it could be marking a wave 4 peak and wave 5 should be soon-to-commence with downside targets all the way down at the August low of 0.8847 and below.