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AUD/USD: massive week ahead at key resistance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD has the bears in a corner while the price has continued to pose a threat to the 0.74 handle.

    AUD/USD has risen in a firm and decisive trend with conviction from an improvement in risk appetite, commodities bouncing back and the Fed looking as though they will yet again be holding this month while best are placed are for either a December hike or waiting until what development take place into 2016.

    At the same time, the RBA are sticking to their policy until there is a material shift of risks that threaten their inflation and growth outlook. In the same fashion, Lowe was hitting the wires earlier and was speaking up the economy.

    AUD/USD: big week ahead

    This week is key for the pair, with the Aussie jobs data and US releases for the beige book, retails and industrial production to CPI's all of which will be closely scrutinized in respect to this month's FOMC and such events are going to be a potential catalyst to drive the near term direction in price from these prevailing and critical spot levels.

    AUD/USD bullish/neutral (Spot 0.7362, above Sep highs, RSI's (14) toppy)

    AUD/USD has slid away from the vicinity of the 0.74 handle where strong resistance has formed and may have been last material defence before the 200 DMA target at 0.7602 for the medium term. The hourly chart's RSI offers prospects for the 0.7408/27 region near term, but repeated failures could draw in supply bring back the 0.72 handle as a psychological support.
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