7 Aug 2013
AUD/USD beating its head up against 0.9002 resistance post-RBA
FXstreet.com (Barcelona) - The AUD/USD saw a sharp bounce off the 0.8847 low from 8/4 – a rally that picked up some steam after the RBA news Tuesday. Will there be enough fuel left for a push through 0.9002 resistance, though?
AUD/USD bulls blew an opportunity Tuesday
The slow economic day in the US Tuesday should have, in theory, allowed the upside momentum in AUD/USD to take the cross through resistance at 0.9002. Perhaps it was due to macro weakness surrounding the Aussie Dollar or maybe it was the “tapering” chatter out of the Federal Reserve Tuesday, but the AUD/USD cross failed to make a serious breakout attempt above the first short-term resistance at 0.9002.
Even if the AUD/USD manages another thrust up and through 0.9002, the macro bearish picture for the cross would not be altered unless and until 0.9165 is overtaken according to leading technicians.
Technical outlook for AUD/USD
Technicians still believe a move to the Fibonacci-generated downside target at 0.8812 is still in the cards for AUD/USD. Once that level is tested, they note, a more substantial corrective bounce up to 0.9226 is likely. Short-term support for AUD/USD comes in at the 8/4 low at 0.8847 and is followed by the afore-mentioned target of 0.8812. Resistance for AUD/USD comes in at 0.9002 and is followed by the 7/24 closing low of 0.9165.
AUD/USD bulls blew an opportunity Tuesday
The slow economic day in the US Tuesday should have, in theory, allowed the upside momentum in AUD/USD to take the cross through resistance at 0.9002. Perhaps it was due to macro weakness surrounding the Aussie Dollar or maybe it was the “tapering” chatter out of the Federal Reserve Tuesday, but the AUD/USD cross failed to make a serious breakout attempt above the first short-term resistance at 0.9002.
Even if the AUD/USD manages another thrust up and through 0.9002, the macro bearish picture for the cross would not be altered unless and until 0.9165 is overtaken according to leading technicians.
Technical outlook for AUD/USD
Technicians still believe a move to the Fibonacci-generated downside target at 0.8812 is still in the cards for AUD/USD. Once that level is tested, they note, a more substantial corrective bounce up to 0.9226 is likely. Short-term support for AUD/USD comes in at the 8/4 low at 0.8847 and is followed by the afore-mentioned target of 0.8812. Resistance for AUD/USD comes in at 0.9002 and is followed by the 7/24 closing low of 0.9165.