Good day forex traders and readers.
How are you doing this week? Hope you made money from forex trading.
In the previous AUD/USD forecast we noted that the currency pair attempted a bullish run. It tried to achieve a foot hold at 0.7850 but failed.
It had since eased down back towards 0.76. As mentioned previously if 0.755 failed to hold, we might be looking at further bearish momentum. We would need to observe the currency pair carefully.
Looking at the AUD/USD weekly chart above we note that the currency pair tested the support region of 0.7600. It ended the week bullish.
The support of 0.7600 is turning out to be rather strong as previous attempts did not manage to bring the currency pair further down. In order to have a continuation of the bearish momentum, we will need to see 0.7600 breached.
Any bullish recovery may have the AUD/USD aiming for 0.7850.
The Australian economy has suffered a fair bit due to the depressed commodities prices and slowing Chinese economy. Having said so, the week brought about some optimism as employment figures were better than expected. I always mention that employment is a crucial indicator of the underlying economy and hence the positive data is likely to increase optimistic sentiment.
Next week will bring a crucial economic schedule as the Reserve Bank of Australia monetary meeting minutes is due together with the U.S. federal rate release later in the week. Do have your proper money management.
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