AUD/USD continues short-term correction lower; projected support is 0.9637

FXstreet.com (Barcelona) - The AUD/USD may be correcting a little earlier than some technicians thought as selling has picked up once again after a brief bounce over the last couple of hours.

AUD/USD traders to focus on US data Monday

As there is no Aussie data due out, the AUD/USD will be moving off of data releases from the US including the Conference Board’s Leading Indicators, Existing Home Sales and Wholesale Inventories.

Technical outlook for AUD/USD

Technicians say that thus far the AUD/USD has fallen short of reaching the maximum projected upside target (based on Elliott Wave measuring techniques) at 0.9699. However, if the measuring technique used to generate the maximum upside target is adjusted slightly, they say the upside projections may have already been fulfilled. Now, they note, a healthy pullback may have commenced with possible downside targets of 0.9375 and 0.9272 – both Fibonacci retracements of the five wave rally that started in August. A close below 0.9632 will confirm that there is more corrective downside work to do in the short-term.