Good day forex traders and readers.
Welcome to another AUD/USD weekly forecast. I hope you had a good week of trading. There is a strong trend and things are relatively simple 😉
In the previous AUD/USD forecast we noted ongoing bearish pressure. A bearish target would be 0.98+. Resilience of the Australian economy might be weakening.
Looking at the AUD/USD daily chart above we note that the currency pair was strongly bearish for the week. The bearish target of 0.98 + was hit and I would like to congratulate the traders who had short positions.
There are no apparent signs of a weakening bearish momentum although RSI suggests an oversold situation. If the bearish momentum continue, we may be looking at a bearish target based on a previous low point of 0.95 + .
There are growing sentiments that investors are keen on the US economy due to its recent stellar performance and hence various currencies such as the Aussie dollar are getting sold in exchange for US dollars.
The Aussie dollar is known as a commodity currency and with the recent dip in commodity prices specially gold, we note a downside pressure to the currency.
Take note on the ongoing developments of the Australian economy. Especially on vital areas such as the jobs market.