Forex Guides

AUD/USD Forecast 24 Jun 13

Good day forex traders and readers.

Welcome to another AUD/USD forecast review. I hope the past week brought you a great harvest of pips. Making money in forex is definitely possible with the right mindset and trading discipline.

In the previous AUD/USD forecast we noted that the bullish momentum of the currency pair was testing an immediate resistance. It also coincided with the middle of the bollinger bands. A bearish return would see 0.9380 tested again.


Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair did indeed became bearish as expected. The 0.9380 target was tested and the currency pair carried the momentum further.

It is now testing the resistance turned support of 0.9210.

I would advise all to monitor this region closely as a failure of this support would open the road to 0.9. I expect some probable support action from the markets unless unexpected developments occur. In the meanwhile a big congratulations to our readers who followed us from above 1. A harvest of almost 1000 pips should be in your accounts 🙂 Keep your messages coming. I would love to hear more of your success !

Fundamental Analysis

The markets are currently in a tensed mode I would presume. In the US FOMC, US Federal Reserve chairman Ben Bernanke signaled the beginning of the end of stimulus. Deciding that continued economic stability would warrant a tapering of the quantitative easing program, the markets however did not share the same sentiments. There were apprehension and risk aversion as the risk assets suffered a sell off. Equities world wide were mostly red regardless of underlying fundamentals.

The Australian equities index ASX 200 clocked red for the week as per the markets worldwide.

I expect the AUD/USD to be subjected to irrational sentiments and hence caution is advised.

Trade safely.

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