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17 Sep 2013
AUD/USD finishes near session lows after Yellen fever wears off; pullback support 0.9222
FXstreet.com (Barcelona) - The AUD/USD spiked higher in the first session of the new week on US Fed / Summers news but fell to near session lows into the close Monday after a secondary rally failed to eclipse the early-session highs.
RBA meeting minutes and US data / news flow to drive AUD/USD’s action
AUD/USD traders saw some wild gyrations in Monday’s session with the net result being a finish near the lows of the session. The spike up that occurred just after the open in Monday’s session topped out at 0.9392 – a level that held up as resistance when tested later in the session. Once Yellen fever wore off and the AUD/USD failed to eclipse that level, the cross sold off from 0.9392 to as low as 09304 before finishing the session near 0.9317.
Tuesday, AUD/USD traders will get to react to the release of policy meeting minutes from the Reserve Bank of Australia – certainly a market-moving event – along with US CPI data later in the day.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets for AUD/USD are 0.9434 and 0.9525 – each a Fibonacci price projection line. They say that support comes in at Thursday and Friday’s low of 0.9222 and is followed up by 0.9197 – the August peak.
RBA meeting minutes and US data / news flow to drive AUD/USD’s action
AUD/USD traders saw some wild gyrations in Monday’s session with the net result being a finish near the lows of the session. The spike up that occurred just after the open in Monday’s session topped out at 0.9392 – a level that held up as resistance when tested later in the session. Once Yellen fever wore off and the AUD/USD failed to eclipse that level, the cross sold off from 0.9392 to as low as 09304 before finishing the session near 0.9317.
Tuesday, AUD/USD traders will get to react to the release of policy meeting minutes from the Reserve Bank of Australia – certainly a market-moving event – along with US CPI data later in the day.
Technical outlook for AUD/USD
Technicians say that now that 0.9264 has been eclipsed, the new upside targets for AUD/USD are 0.9434 and 0.9525 – each a Fibonacci price projection line. They say that support comes in at Thursday and Friday’s low of 0.9222 and is followed up by 0.9197 – the August peak.