Forex Guides

AUD/USD Forecast 28 Jul

Good day forex traders and readers.

Welcome to our weekly AUD/USD forecast and I hope everyone had a great forex trading week.

In our previous forecast of the Australian dollar we noted that the currency pair was in a tight trading range. An element of uncertainty was present in the markets.


Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair still remained within a tight trading range. The volume remained light and that probably contributed to the narrow ranging condition.

I mentioned previously that the 0.94 region is a crucial support and resistance sector and indeed the currency pair is currently in the vicinity. We will need to monitor closely and observe as from a technical point of view, it is possible to go either ways.

Fundamental Analysis

With the Ukrainian unrest and Middle East crisis underway, risk aversion is inevitable. While we noted some strengthening of safe haven assets like gold for example, we have yet to see a market wide effect.

This week we noted better than expected China factory activity. As a major trading partner of Australia, this development probably brought positivity towards the Australian economy.

Next week brings a number of important economic releases such as the Australian Producer Price Index and Building Approvals. Do have proper money management.

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