AUD/USD rips on Chinese / election news; 0.9278 Elliott Wave projection looms

FXstreet.com (Barcelona) - The AUD/USD may just have a little more upside from 0.9227 if the Elliott Wave technicians are right on with their bearish macro call.

Australian data needs to continue to fuel the fire for bears to be truly defeated

AUD/USD bulls have enjoyed the recent flurry of bullish headlines out of Australia and China – which have rallied the AUD/USD from 0.8892 to 0.9241. However, the rally will need a lot more help in the form of bullish news out of Australia and China or the looming resistance at 0.9278 will put a halt to the bulls’ fun.

The news from Australia will continue to move markets Tuesday morning when Australian consumer inflation, business confidence and business conditions will be released. There are no major announcements scheduled for the US on Tuesday.

Technical outlook for AUD/USD

Elliott Wave technicians are saying that the AUD/USD should continue to work its way higher until the macro correction resistance / Fibonacci retracement resistance at 0.9264 is reached. Short-term support comes in at 0.9185 and 0.9115.