AUD/USD Outlook: September, 19 2013
FinFX | Sep 19, 2013 03:56AM ET
AUD/USD
The Aussie maintains positive tone and rallied sharply after completion of near-term 0.9392/0.9284 corrective phase. The price surged through initial 0.9400 barrier, as well as a Fibonacci of 76.4% resistance at 0.9471 in order to probe levels above psychological 0.9500 hurdle. With the short-term base being formed and studies holding bullish tone, further retracement of larger 1.0581/0.8846 descend is seen as a likely near-term scenario. Immediate targets are laying at 0.9555/72, 19/18/06 highs. Overbought near-term conditions suggest that corrective action is likely to precede a fresh rally, with dips expected to find ground above 0.9400 support.
Resistance: 0.9526; 0.9555; 0.9572; 0.9600
Support: 0.9500; 0.9483; 0.9464; 0.9400
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