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Good day forex traders and forex koalas!
In the previous forecast we noted that the currency pair is bearish from a technical point of view and the extended bearish target of 1.02 might be next. There were speculations in the markets regarding a possible interest rate cut by the RBA and hence apprehension was present.
Technical Analysis
Looking at the AUD/USD daily chart above we noted that the 1.02 target was achieved indeed! I LOVE IT WHEN MY CHARTS WORK.
SMA 20 ( RED ) = Bearish
SMA 50 ( BLUE ) = Flat
The SMAs do not suggest a sustained momentum and indeed the bearish trend was abruptly replaced by a strong bullish correction. 1.033 gave little resistance and only the SMA 50 managed to stop it for now. Continued bullish pressure will need to breach 1.043 first before heading back to the previous high region of 1.0560. Immediate support lies at 1.033.
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.
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