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15 Aug 2013
AUD/USD flatlining at 0.9124 after testing pullback support
FXstreet.com (Barcelona) - The AUD/USD pulled back off the intra-session highs in nearly a perfect “abc” correction pattern with lowest “correction support” at 0.9109.
AUD/USD inflation and US rush of data to drive the action Thursday
Wednesday brought us better confidence numbers and tame wage price data from Australia and tepid PPI data out of the US – with the net result being a modestly higher close for the AUD/USD.
Thursday’s action is likely to be influenced, if not outright driven by Aussie inflation data and any one of the following US data points:
• Monthly CPI data;
• Weekly Jobless Claims;
• TIC Flows;
• Industrial Production / Capacity Utilization; and,
• the US Philadelphia Fed Manufacturing Survey
Technical outlook for AUD/USD
Technicians pointed to the 23.6% Fibonacci retracement of the January to August decline in AUD/USD at 0.9226 as the first obvious test for the cross. That resistance held last week and a corrective pullback has started. Support for this pullback comes in at the Fibonacci-generated 0.9109. Below that, the next range of potential support is 0.8857 – 0.8930. First resistance comes in at 0.9159 and is followed by another Fibonacci projection at 0.9226.
AUD/USD inflation and US rush of data to drive the action Thursday
Wednesday brought us better confidence numbers and tame wage price data from Australia and tepid PPI data out of the US – with the net result being a modestly higher close for the AUD/USD.
Thursday’s action is likely to be influenced, if not outright driven by Aussie inflation data and any one of the following US data points:
• Monthly CPI data;
• Weekly Jobless Claims;
• TIC Flows;
• Industrial Production / Capacity Utilization; and,
• the US Philadelphia Fed Manufacturing Survey
Technical outlook for AUD/USD
Technicians pointed to the 23.6% Fibonacci retracement of the January to August decline in AUD/USD at 0.9226 as the first obvious test for the cross. That resistance held last week and a corrective pullback has started. Support for this pullback comes in at the Fibonacci-generated 0.9109. Below that, the next range of potential support is 0.8857 – 0.8930. First resistance comes in at 0.9159 and is followed by another Fibonacci projection at 0.9226.