Good day forex traders and koalas.
I hope all is well for you this trading week. Made a little harvest for me and i am contented!
In the previous AUD/USD Forecast we noted that the currency pair fell through a bullish trend line but yet landed on another. The 1.0330 region is an important region of support
Solution : ProRealTime
Looking at the AUD/USD daily chart above we note that the bullish trend line held and continued. I LOVE IT WHEN MY ANALYSIS WORKS 🙂
A word of caution is that the price action is currently extending beyond the 1.0430 region and hence a prudent trading strategy will be to observe if the AUD/USD will break away from the pull of 1.0430.
A look at the equities index ASX 200 which rebounded indicates better sentiments towards the end of the week and this coincides with the technical chart above. Economic data from the US indicated better housing and employment situations and this brought optimism. China manufacturing also picked up and being Australia’s largest trading partner, this boasted demand for the Australian dollar Aussie.
Nonetheless, watch out for continued discussions over at the Euro Zone regarding Greece’s bailout funds. A negative outcome may cause risk aversion.