Good day forex trading koalas.
Welcome to our forecast on the AUD/USD. In recent times, the markets generally took a crazy ride due to the economic woes of the Euro Zone. Not forgetting the political apprehension from the US. In the last AUD/USD forecast we noted a test on a bullish trend line.
Solution : ProRealTime
Looking at the AUD/USD chart above we note that the currency pair fell below the previous bullish trend line after testing the 1.0430 region. It is now testing the 1.0330 region again forming yet another bullish trend line from previous month. ( green ) As i mentioned before, 1.0330 is a very significant technical region for this currency pair and looking at the number of times we visit this line, I LOVE IT WHEN MY CHARTS WORK 🙂
From a fundamental point of view, the Australian economy continues to experience a drag due to the global economy conditions. The Euro Zone recently released a number of disappointing economic data and this worked to spill apprehension into the global markets. China recently concluded it’s succession meetings and there is hope that a renewed economic growth will result from it. Being Australia’s largest trading partner, this will definitely contribute.
As of now, the ASX 200 is on a bearish slide which is pretty much expected.