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12 Sep 2013
Overbought AUD/USD continued win streak with mild up day; 0.9197 pullback target?
FXstreet.com (Barcelona) - The AUD/USD is way overbought and due for a pullback in the short-term. How far will it pull back? The chartists say 0.9197 is first support.
Australian data and US data / news flow to dictate Thursday’s action
AUD/USD traders will get some directional guidance from Aussie employment data in a few hours as well as import/export prices and weekly jobless claims from the U.S. later in the day Thursday. Anything on the disappointing side for the Aussie numbers would be a departure from the string of strong data and hawkish rhetoric from policymakers recently.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets for AUD/USD are 0.9434 and 0.9525 – each a Fibonacci price projection line. The AUD/USD is clearly overbought in the short-term – so some backing and filling may occur between up days. Support comes in at 0.9197 – the August peaks.
Australian data and US data / news flow to dictate Thursday’s action
AUD/USD traders will get some directional guidance from Aussie employment data in a few hours as well as import/export prices and weekly jobless claims from the U.S. later in the day Thursday. Anything on the disappointing side for the Aussie numbers would be a departure from the string of strong data and hawkish rhetoric from policymakers recently.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets for AUD/USD are 0.9434 and 0.9525 – each a Fibonacci price projection line. The AUD/USD is clearly overbought in the short-term – so some backing and filling may occur between up days. Support comes in at 0.9197 – the August peaks.