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TheGeekKnows.com Learn Forex Trading and read exclusive EUR/USD Forecast and AUD/USD Forecast Reviews.
Good day forex traders and forex koalas!
In the previous AUD/USD forecast we noted that the currency pair is facing a strong bullish resistance. Fundamentally the market conditions were risk on due to recent developments and hence higher yielding assets such as the Aussie dollar benefited.
Technical Analysis
Looking at the AUD/USD chart above we noted that the currency pair had failed to breach the resistance line of 1.0560 again.
SMA 20 = Bullish
SMA 50 = Bullish
Both SMAs remain bullish. This suggests that the bullish pressure may still be lurking around. As we are now at another technical support and resistance region ( 1.0430 ), i advise close monitoring to see how the currency pair reacts.
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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