Back
31 Dec 2013
AUD/USD on upswing – likely now in “c” wave of “abc” upside correction; resistance 0.8990
FXstreet.com (Barcelona) - The AUD/USD has been miserable recently, but now appears to be in the “c” wave of and “abc” correction higher that should – according to Elliott Wave technicians – top out near Fibonacci resistance at 0.8990.
Aussie credit data lifts AUD/USD Tuesday
Monday saw weak US housing data which gave the AUD/USD a lift. Early Tuesday brought better than expected Aussie credit data and the cross is lifting further. Later in Tuesday’s session, traders will get a chance to react to the US Chicago Purchasing Managers Index and the US Consumer Confidence survey.
Technical outlook for AUD/USD
Tim Thielen, Portfolio Manager at Sea Change Capital, LLC, feels that the AUD/USD is in the midst of a macro down move – wave 5 of III lower to be more precise. The downside target for this wave is 0.8441 (versus 0.8922 currently) – which is plenty of downside potential for the bears to enjoy. He notes, however, that the cross is coming off of oversold conditions and is likely to continue to bounce up to one of three resistance levels – 0.8990, 0.9096 or 0.9181.
Aussie credit data lifts AUD/USD Tuesday
Monday saw weak US housing data which gave the AUD/USD a lift. Early Tuesday brought better than expected Aussie credit data and the cross is lifting further. Later in Tuesday’s session, traders will get a chance to react to the US Chicago Purchasing Managers Index and the US Consumer Confidence survey.
Technical outlook for AUD/USD
Tim Thielen, Portfolio Manager at Sea Change Capital, LLC, feels that the AUD/USD is in the midst of a macro down move – wave 5 of III lower to be more precise. The downside target for this wave is 0.8441 (versus 0.8922 currently) – which is plenty of downside potential for the bears to enjoy. He notes, however, that the cross is coming off of oversold conditions and is likely to continue to bounce up to one of three resistance levels – 0.8990, 0.9096 or 0.9181.