Good day forex traders and readers.
It has been sometime since we did a forecast of the AUD/USD. Have you been trading well? Do share with us your success trading stories at the comment section below.
In the previous AUD/USD forecast we noted that the currency pair was in a tight trading range. The 0.94 region remained a crucial factor and hence observation was needed.
Looking at the AUD/USD weekly chart above we note that the currency pair is still bounded by a narrow range. 0.94 lies right above the currency pair and hence any bullish attempt will need to overcome that too.
The lower bollinger may also exert pressure as an support and hence this can serve as our immediate bearish target.
It was reported that the Australian economy is slowly but surely shifting away from mining. This will probably ease pressure coming from the low precious metals prices.
In another report, a currency analyst believes that the Reserve Bank of Australia is likely to hold on to the interest rates for now. This may help to retain the value of the currency pair.
The ASX 200 continues to clock in gains and this will probably add in to the positive sediments.
Next week will be crucial to observe as there are many critical Australian economy data to be released. This includes building approvals, GDP, retail sales and more.
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