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18 Oct 2013
AUD/USD off early in Friday’s session after big ups on Thursday; projected target is .9699
FXstreet.com (Barcelona) - The AUD/USD cross had a very big up day Thursday – the biggest since October 1st – on weakness in the greenback and continued Aussie Confidence (despite sluggish Aussie business conditions).
AUD/USD traders to monitor central bankers Friday for any new stances
The AUD/USD continued its week-long rally Thursday – getting ever closer to the projected upside target (for this move higher) of 0.9665. Friday does not offer traders any data points – only speeches by the Reserve Bank of Australia leader Glenn Stevens early in the session as well as four separate Fed Head speeches during US trading hours.
Technical outlook for AUD/USD
The AUD/USD is well on the way to 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 monitor central bankers Friday for any new stances
The AUD/USD continued its week-long rally Thursday – getting ever closer to the projected upside target (for this move higher) of 0.9665. Friday does not offer traders any data points – only speeches by the Reserve Bank of Australia leader Glenn Stevens early in the session as well as four separate Fed Head speeches during US trading hours.
Technical outlook for AUD/USD
The AUD/USD is well on the way to 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.