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19 Aug 2013
AUD/USD looks higher technically after a week of consolidation
FXstreet.com (Barcelona) - The AUD/USD may have started its next short-term move higher Thursday on weakness in the greenback. Continued strength in the cross to be driven or quelled by the Fed and RBA news this week.
Plenty of data for AUD/USD traders to digest this week
Key data for the AUD/USD will begin to flow on Tuesday when the Reserve Bank of Australia’s policy meeting minutes will be released. The action picks up Wednesday with the FOMC’s meeting minutes and will be capped off by the commentary coming out of the Jackson Hole meeting later in the week.
Incidentally, rumors are making the rounds early Monday that there is heavy buying in AUD/USD by institutions.
Technical outlook for AUD/USD
Technicians are being faced with the reality of building momentum in AUD/USD in the short-term. They point out that if AUD/USD can close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 that a move up to 0.9483 (the next Fibonacci resistance) will follow fairly quickly. On the other hand, if resistance holds strong and AUD/USD heads back down, the first areas of support will be Thursday’s low of 0.9057 and then the 8/5 low of 0.8847.
Plenty of data for AUD/USD traders to digest this week
Key data for the AUD/USD will begin to flow on Tuesday when the Reserve Bank of Australia’s policy meeting minutes will be released. The action picks up Wednesday with the FOMC’s meeting minutes and will be capped off by the commentary coming out of the Jackson Hole meeting later in the week.
Incidentally, rumors are making the rounds early Monday that there is heavy buying in AUD/USD by institutions.
Technical outlook for AUD/USD
Technicians are being faced with the reality of building momentum in AUD/USD in the short-term. They point out that if AUD/USD can close above the 8/12 high of 0.9221 and then Fibonacci resistance at 0.9226 that a move up to 0.9483 (the next Fibonacci resistance) will follow fairly quickly. On the other hand, if resistance holds strong and AUD/USD heads back down, the first areas of support will be Thursday’s low of 0.9057 and then the 8/5 low of 0.8847.