Good day forex traders and readers.
Welcome to our AUD/USD forecast. For readers new to our site, this is also a favorite currency pair of mine as it is often less volatile than the EUR/USD.
We last visited this currency pair sometime back and it has made good progress. While a few readers often ask me why I have not commented on this currency pair, most others are just focused on the EUR/USD. Well never put all your eggs in one baskets. 🙂
Looking at the AUD/USD weekly chart above we note that the currency pair has been on a steady bearish down trend since September last year. I am maintaining a position from just above 0.9 and I am contented. I did take some profit as I believe in proper money management. A few readers wrote in to express their thanks and all I can say is I am happy for you all!
The technical chart above suggests a significant support at the region of 0.7620. I am not a big risk taker and hence I am looking at this level closely to monitor the price action.
Any bullish recovery may target 0.7780.
I have mentioned previously that the Australian economy is highly dependent on commodities and hence the current slump in commodity prices is exerting a drag. For example a comparison to oil prices places the current bearish trend right about the time oil started to dip.
Any reversal will probably need a major change of the current fundamental situation.
Having said the above, it is most unfortunate that most people believe in a get rich quick crystal ball kind of approach to forex. I had 3 margin calls before I woke up and hence I started this website to share about my mistakes. Understanding the market is critical to a forex success.
We Need Your Support!
As you know, I do not have any budget and I have never charged you for all the work. I need your support to get the word out on the website so that more people will visit and I can continue writing for you. Please share the website in facebook, forums, websites and communities. Thank you.Have you checked out our membership subscription? Enjoy your own member dashboard with exclusive premium analysis for as low as less than $0.20 a day! Time Limited Promotion 30% OFF. Secure Discounted Rates Now.
Now enhanced with our proprietary Price Action Bias Signals.