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30 Sep 2013
AUD/USD off the session lows; 0.9282 is last hope for bulls
FXstreet.com (Barcelona) - The AUD/USD cross is rallying modestly off the lows on a general rebound in risk assets several hours into the new week.
Things are still negative in terms of the risk trade, but not as bad as at the open
The AUD/USD cross is rebounding right along with most of the other risk tells out there – i.e. stock futures, EUR/USD, EUR/JPY and AUD/JPY. So far, it appears that this may be just a corrective bounce in risk in general and AUD/USD specifically.
Australian data released earlier today came out basically in-line with expectations Later Monday, traders will be monitoring the release of the Chicago PMI and the Dallas Fed Manufacturing Index out of the US.
Technical outlook for AUD/USD
The AUD/USD thus far has held key “correction support” at 0.9282. AUD/USD bulls will need to hold firm at that level if they are to have a chance at victory short-term. The next target on the downside if 0.9282 fails is 0.9253. Resistance comes into play at 0.9456.
Things are still negative in terms of the risk trade, but not as bad as at the open
The AUD/USD cross is rebounding right along with most of the other risk tells out there – i.e. stock futures, EUR/USD, EUR/JPY and AUD/JPY. So far, it appears that this may be just a corrective bounce in risk in general and AUD/USD specifically.
Australian data released earlier today came out basically in-line with expectations Later Monday, traders will be monitoring the release of the Chicago PMI and the Dallas Fed Manufacturing Index out of the US.
Technical outlook for AUD/USD
The AUD/USD thus far has held key “correction support” at 0.9282. AUD/USD bulls will need to hold firm at that level if they are to have a chance at victory short-term. The next target on the downside if 0.9282 fails is 0.9253. Resistance comes into play at 0.9456.