AUD/USD Forecast 15 Oct 12
14 Oct, 2012 @ 06:42 am BST | By ltan
Simultaneous Release at
Good day forex traders and forex koalas!
In the previous AUD/USD forecast we noted that the currency pair was testing the 1.02 support. The interest rate was cut by the RBA and the exports numbers were bad. Having said so there were experts who believed of a bullish scenario for the Aussie dollar by year’s end.
Solution : ProRealTime
I adjusted the 1.02 line to 1.018. It seems to be that the AUD/USD is not very sensitive to the whole number values unlike the EUR/USD. Anyway the support did hold and the currency pair corrected upwards.
While we cannot deny the possibility of another test on the 1.018 support, based on the currency chart above previous attempts failed and this may be a strong support. Any bullish momentum must face the 1.0330 resistance.
Don’t miss the fundamental analysis,
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.
For more forex information, go to FxInstructor.com