AUD/USD ramping after wild post-data swings; ST trading range 0.8909 – 0.8969

FXstreet.com (Barcelona) - The AUD/USD cross is trying to show some signs of life after the release of the RBA’s meeting minutes and some comments from the Aussie Treasurer. Lots of work to do to turn the chart bullish, though.

AUD/USD traders to monitor Fed-related headlines and US data for the rest of Tuesday

Between the Reserve Bank of Australia’s monthly Monetary Policy Meeting Minutes, new vehicle sales numbers and additional comments by Australian Treasurer, Joe Hockey, in the Australian Mid-Year Economic and Fiscal Outlook, the Aussie Dollar is lifting at least temporarily and is pushing the AUD/USD higher on the session.

For the rest of the Tuesday session, AUD/USD traders will be monitoring the general risk mood and later on will be reacting to the following data points out of the US:

• US CPI
• US NAHB Housing Market Index

Technical outlook for AUD/USD

Technicians note that the AUD/USD broke below “correction support” at 0.8947 and now appears destined for a test of the recent lows at 0.8847. Major resistance for the cross comes in at the early December pivot at 0.9000 and is followed by the 12/10 high at 0.9166. Shorter-term, the AUD/USD is in a trading range between 0.8909 – 0.8969.