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AUD/USD Forecast 6 July 15

Good day forex traders.

Did you manage to gain some pips this week? I hope you did 🙂

In the previous AUD/USD forecast we noted that it was at the crucial region of 0.76. While this support held many times previously, we shouldn’t assume that it would continue to do so. I advised everyone who was planning to trade to carefully calculate the risk and reward parameters. Should this level fail we might expect more bearish momentum.

With regards to the bulls, 0.785 remained the target to be breached before further upside moves.

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Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair was bearish for the week. It managed to extend beyond 0.76 and is now at 0.7510.

From a technical point of view, this is a bearish indication. We need to monitor the price action as it is now at a 6 years low. Bullish recovery may attempt to reclaim 0.76 and then 0.785. Drop to the lower time frames to observe.



Fundamental Analysis

With the AUD/USD now at the 0.75 region, it has achieved the fair value that the Reserve Bank of Australia mentioned previously.

The Australian retail sales came out at 0.3% which was lower than the expected 0.5%. This probably dampened sentiments.

It was reported that China took steps to prevent its falling stock market by freezing IPOs. As the largest trading partner of Australia, we are likely to see some dampening flow over.

With the highly uncertain Greek situation, proper money management is definitely crucial.

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