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26 Aug 2013
AUD/USD enters the week in limbo after a modest two-day bounce
FXstreet.com (Barcelona) - The AUD/USD appears to be at the height of indecision both technically and fundamentally entering the new week.
The US will have the stage early this week in terms of data points
The AUD/USD comes into the week “in limbo” after being tugged higher by hopeful Chinese data, hawkish RBA chatter and poor US data one day / week while being pressed lower by contradictory chatter out of that same RBA and hawkish chatter out of US Fed heads the next day / week.
There will not be any market-moving Australian economic data due out until Wednesday and there won’t be any key releases out of China this week. So, traders of AUD/USD will be tuned into the news and data coming out of the US for the first few sessions of the week.
Technical outlook for AUD/USD
The AUD/USD cross will have to close above Thursday’s peak at 0.9042 to open up more upside potential for the short-term. The next major hurdle above that will be 0.9018 – the 8/19 low. On the other hand, bears need the AUD/USD to cave through Friday’s low at 0.8970 and Wednesday’s low at 0.8931 for their thesis to come to fruition in a big way.
The US will have the stage early this week in terms of data points
The AUD/USD comes into the week “in limbo” after being tugged higher by hopeful Chinese data, hawkish RBA chatter and poor US data one day / week while being pressed lower by contradictory chatter out of that same RBA and hawkish chatter out of US Fed heads the next day / week.
There will not be any market-moving Australian economic data due out until Wednesday and there won’t be any key releases out of China this week. So, traders of AUD/USD will be tuned into the news and data coming out of the US for the first few sessions of the week.
Technical outlook for AUD/USD
The AUD/USD cross will have to close above Thursday’s peak at 0.9042 to open up more upside potential for the short-term. The next major hurdle above that will be 0.9018 – the 8/19 low. On the other hand, bears need the AUD/USD to cave through Friday’s low at 0.8970 and Wednesday’s low at 0.8931 for their thesis to come to fruition in a big way.