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20 Aug 2013
AUD/USD morphs to short-term bearish with Monday’s action
FXstreet.com (Barcelona) - The AUD/USD entered the week bullishly after Thursday’s bullish reversal. Monday brought traders a bearish reversal with which to contend, however. What to do next?
RBA Meeting Minutes to drive action early on Tuesday
http://www.fxstreet.com/rates-charts/advanced-charts/?pair=aud/usd
Key data for the AUD/USD will begin to flow early Tuesday when the Reserve Bank of Australia’s policy meeting minutes will be released. Will the minutes reflect the same ”less dovish” sentiment put forth by RBA spokespeople recently?
Later Tuesday, the US’s Chicago Fed National Activity Index will be released. Will this data point reflect the same troublesome tone that last week’s manufacturing data showed? Or, will it reflect the improving trends we have seen in US employment and weekly claims reports?
Technical outlook for AUD/USD
Technicians say the upside momentum that was being built late last week and early Monday in AUD/USD may have been lost later in the day Monday when the cross posted a “bearish reversal” candle on the daily price chart. AUD/USD must change course, rally and close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 to open the doors to a move up to 0.9483 (the next Fibonacci resistance). On the other hand, since 0.9220 resistance seems to have held strong, technicians are calling for a re-test of 0.9058.
RBA Meeting Minutes to drive action early on Tuesday
http://www.fxstreet.com/rates-charts/advanced-charts/?pair=aud/usd
Key data for the AUD/USD will begin to flow early Tuesday when the Reserve Bank of Australia’s policy meeting minutes will be released. Will the minutes reflect the same ”less dovish” sentiment put forth by RBA spokespeople recently?
Later Tuesday, the US’s Chicago Fed National Activity Index will be released. Will this data point reflect the same troublesome tone that last week’s manufacturing data showed? Or, will it reflect the improving trends we have seen in US employment and weekly claims reports?
Technical outlook for AUD/USD
Technicians say the upside momentum that was being built late last week and early Monday in AUD/USD may have been lost later in the day Monday when the cross posted a “bearish reversal” candle on the daily price chart. AUD/USD must change course, rally and close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 to open the doors to a move up to 0.9483 (the next Fibonacci resistance). On the other hand, since 0.9220 resistance seems to have held strong, technicians are calling for a re-test of 0.9058.