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AUD/USD Forecast 22 June 15

Good day forex traders and readers.

Welcome to another of our weekly review of the AUD/USD. How was your trading week? Hope you made great pips. 🙂

In the previous AUD/USD forecast we noted that the currency pair tested the support region of 0.7600. It ended the week bullish. The support of 0.7600 was rather strong as previous attempts did not manage to bring the currency pair further down. For more bearish momentum, we would need to see 0.7600 breached. Any bullish recovery might have the AUD/USD aiming for 0.7850.

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Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair was bullish for the week. Having said so it was still capped by 0.7850 which is turning out to be a strong bullish resistance.

It is too early to determine a trend on either side as the price action has been confined to the channel of 0.76 to 0.785. It may end up as a consolidation period.

As the AUD/USD is nearly at the resistance of 0.785, we may see another test of it. A clear breach may open up 0.8 as an extended bullish target. Any bearish pressure will have to once again test 0.76.



Fundamental Analysis

There was a report which mentioned that the Reserve Bank of Australia Governor is concerned of the possibility of the monetary policy becoming ineffective now that interest rate is at a low. He also mentioned that the Australian economy is not performing as well as hoped. It is likely to be weakening over the year ahead.

We need to be mindful of the above as a depressed economy may weaken the demand for the underlying currency. This is already evident from the dip of the Australian Dollar from the days of it’s parity with the U.S. Dollar.

The upcoming week is rather light on Australian economy releases but do be careful for any unexpected events.

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