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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.
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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