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9 Oct 2013
AUD/USD tumbling after poor Aussie data
FXstreet.com (Barcelona) - The AUD/USD cross – all things being equal – was set to continue its recent relative bullishness Wednesday. However, Aussie Consumer Confidence data surprised on the downside – sending the bullish cabal reeling.
AUD/USD traders got caught off guard by sour data
Australian Consumer Confidence data came out and blind-sided the growing bullish crowd surrounding the AUD/USD and the Australian economy in general. It is just one data point, but it does put some doubt into the recent AUD-bullish narrative.
AUD/USD traders will only be reacting to US news flow for the rest of the Wednesday session.
Technical outlook for AUD/USD
The AUD/USD faces resistance at Tuesday’s high of 0.9483 says the technical crowd. The next target on the upside on a breakout is 0.9527. First support comes in at 0.9282 and if it fails the next possible support is 0.9253.
AUD/USD traders got caught off guard by sour data
Australian Consumer Confidence data came out and blind-sided the growing bullish crowd surrounding the AUD/USD and the Australian economy in general. It is just one data point, but it does put some doubt into the recent AUD-bullish narrative.
AUD/USD traders will only be reacting to US news flow for the rest of the Wednesday session.
Technical outlook for AUD/USD
The AUD/USD faces resistance at Tuesday’s high of 0.9483 says the technical crowd. The next target on the upside on a breakout is 0.9527. First support comes in at 0.9282 and if it fails the next possible support is 0.9253.