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7 Oct 2013
AUD/USD opens the week slightly lower; 0.9456 looms large just above
FXstreet.com (Barcelona) - The AUD/USD enters the week at a crossroads between an explosion higher through technical resistance and a potentially disastrous failure at that resistance that could lead to a massive move lower.
Focus to remain partially on DC and partially on data this week
AUD/USD traders will be reacting to the ever increasing political tensions in Washington this week. With the debt ceiling deadline coming up on October 17th, every day that passes without a resolution will ratchet up the market’s nervousness. Right now, there are not many market pros positioned for a failure on the part of the politicians to raise the debt ceiling, so any serious hint at that being a real possibility will likely lead to some real dislocations in the global markets.
In terms of data, the week starts off slow with the Aussie Performance of Construction Index in less than an hour and US Consumer Credit figures later in the session
Technical outlook for AUD/USD
The AUD/USD faces key resistance at 0.9456 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.
Focus to remain partially on DC and partially on data this week
AUD/USD traders will be reacting to the ever increasing political tensions in Washington this week. With the debt ceiling deadline coming up on October 17th, every day that passes without a resolution will ratchet up the market’s nervousness. Right now, there are not many market pros positioned for a failure on the part of the politicians to raise the debt ceiling, so any serious hint at that being a real possibility will likely lead to some real dislocations in the global markets.
In terms of data, the week starts off slow with the Aussie Performance of Construction Index in less than an hour and US Consumer Credit figures later in the session
Technical outlook for AUD/USD
The AUD/USD faces key resistance at 0.9456 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.