Good day forex traders and forex koalas!
I hope you had a fantastico trading week. Am having a bad migraine attack and hey whats new?! As unpredictable as the forex market, it strikes when it strikes. I just need to manage it well.. i call this Proper Migraine Management ! MM 🙂
In the previous AUD/USD forecast we noted that the SMAs had conflicting signals and hence we might see some consolidations. China continued with it’s easing and the increased economic activities was helping to give a boast to the Australian economy.
Looking at the AUD/USD chart above, we note that the currency pair had broken above parity point again.
SMA 20 = Bullish
SMA 50 = Bearish
With the Greece polls this weekend, any expectations may be turned upside down. Hence instead of possible trends, i will indicate possible targets. Bullish outcome may see the previous forex gap region / resistance of 1.02 tested while a bearish scenario may target 0.98 again.
General risk taking activities were observed across the board and Australia was no exception. There was a report stating that the G20’s central banks have a plan in place to inject emergency liquidity measures in the event of an adverse Greek polling outcome. Since the Greek poll over this weekend has been at the back of investors minds for fear of a catastrophic financial tsunami, this news brought much relieve to the markets in general. Hence triggering a general risk taking sentiment.
The S&P / AXS 200 continues to hold above the 4000 support as an indication of reslience.
In view of the Greek polling event, i will probably take a day or two to observe the impact of the result before any commitment to any positions in the forex exchange markets.
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