21 Aug 2013
AUD/USD heads towards key 0.9018 support ahead of data
FXstreet.com (Barcelona) - The AUD/USD has been correcting lower over the last couple of sessions after a face-ripping rally off the recent lows. Now, it needs to hold above 0.9018 to ensure one more shot higher is coming.
Westpac Leading Index to drive short-term; US data / news to drive rest of the week
The monthly Westpac Leading Index numbers are due out in Australia shortly. Those numbers may give the AUD/USD some short-term direction. However, it won’t be long until traders begin to focus on the FOMC minutes due out later on Wednesday – not to speak of the attention that will be placed on the Jackson Hole Symposium Thursday and Friday.
Technical outlook for AUD/USD
Although the AUD/USD cross remains in a macro bear market, technicians at this point are still calling for one more shot higher as part of the oversold correction for AUD/USD. Short-term support comes in at 0.9018 with 0.8847 looming below that. The upside target for the next anticipated wave higher is 0.9313 – although 0.9200 will have to be conquered first.
Westpac Leading Index to drive short-term; US data / news to drive rest of the week
The monthly Westpac Leading Index numbers are due out in Australia shortly. Those numbers may give the AUD/USD some short-term direction. However, it won’t be long until traders begin to focus on the FOMC minutes due out later on Wednesday – not to speak of the attention that will be placed on the Jackson Hole Symposium Thursday and Friday.
Technical outlook for AUD/USD
Although the AUD/USD cross remains in a macro bear market, technicians at this point are still calling for one more shot higher as part of the oversold correction for AUD/USD. Short-term support comes in at 0.9018 with 0.8847 looming below that. The upside target for the next anticipated wave higher is 0.9313 – although 0.9200 will have to be conquered first.