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22 Oct 2013
AUD/USD off early in Tuesday’s session – showing volatility ahead of data; support 0.9632?
FXstreet.com (Barcelona) - The AUD/USD is working its way through some sideways action. The question ahead of Aussie and US data is whether more downside work needs to be done before this correction is over.
AUD/USD traders get Aussie data early and the US jobs report later
AUD/USD traders will have to work hard not to look forward to the US monthly jobs numbers for September later in Tuesday’s session, but the Aussie Leading Indicators certainly data have the power to move the AUD/USD around in the early on.
Technical outlook for AUD/USD
Technicians say that thus far the AUD/USD has fallen short of reaching the maximum projected upside target (based on Elliott Wave measuring techniques) at 0.9699. However, if the measuring technique used to generate the maximum upside target is adjusted slightly, they say the upside projections may have already been fulfilled. Now, they note, a healthy pullback may have commenced with possible downside targets of 0.9375 and 0.9272 – both Fibonacci retracements of the five wave rally that started in August. A close below 0.9632 will confirm that there is more corrective downside work to do in the short-term.
AUD/USD traders get Aussie data early and the US jobs report later
AUD/USD traders will have to work hard not to look forward to the US monthly jobs numbers for September later in Tuesday’s session, but the Aussie Leading Indicators certainly data have the power to move the AUD/USD around in the early on.
Technical outlook for AUD/USD
Technicians say that thus far the AUD/USD has fallen short of reaching the maximum projected upside target (based on Elliott Wave measuring techniques) at 0.9699. However, if the measuring technique used to generate the maximum upside target is adjusted slightly, they say the upside projections may have already been fulfilled. Now, they note, a healthy pullback may have commenced with possible downside targets of 0.9375 and 0.9272 – both Fibonacci retracements of the five wave rally that started in August. A close below 0.9632 will confirm that there is more corrective downside work to do in the short-term.