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11 Sep 2013
AUD/USD knifes through Elliott Wave correction resistance at 0.9278
FXstreet.com (Barcelona) - The AUD/USD may be overbought and it may be due to pull back, but it is no longer to be considered as being in a short-term upside correction – it is in a short-term primary move higher.
Australian data and US data and news flow to dictate Wednesday’s action
Watch for significant movement potential in AUD/USD off of President Obama’s address in the next hour or so, Australian consumer confidence numbers, minor U.S. data and the expected Congressional vote on military action in Syria later on Wednesday.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets 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 and news flow to dictate Wednesday’s action
Watch for significant movement potential in AUD/USD off of President Obama’s address in the next hour or so, Australian consumer confidence numbers, minor U.S. data and the expected Congressional vote on military action in Syria later on Wednesday.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets 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.