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21 Oct 2013
AUD/USD off early in Monday’s session after tremendous recent run; projected target is 0.9699
FXstreet.com (Barcelona) - The AUD/USD has all the momentum in the world right now, but these moves don’t continue in perpetuity and AUD/USD’s move may, according to technicians, hit a ceiling at around 0.9699.
AUD/USD traders to focus on US data Monday
As there is no Aussie data due out, the AUD/USD will be moving off of data releases from the US including the Conference Board’s Leading Indicators, Existing Home Sales and Wholesale Inventories.
Technical outlook for AUD/USD
The AUD/USD is on the verge of testing the maximum projected upside target (based on Elliott Wave measuring techniques) at 0.9699. Once that target is tested, anything can happen, but technicians are anticipating a healthy pullback to commence with possible downside targets of 0.9375 and 0.9272 – both Fibonacci retracements of the five wave rally that started in August.
AUD/USD traders to focus on US data Monday
As there is no Aussie data due out, the AUD/USD will be moving off of data releases from the US including the Conference Board’s Leading Indicators, Existing Home Sales and Wholesale Inventories.
Technical outlook for AUD/USD
The AUD/USD is on the verge of testing the maximum projected upside target (based on Elliott Wave measuring techniques) at 0.9699. Once that target is tested, anything can happen, but technicians are anticipating a healthy pullback to commence with possible downside targets of 0.9375 and 0.9272 – both Fibonacci retracements of the five wave rally that started in August.