Good day forex traders and readers.

Welcome to the new year and I hope it will be a fantastic one for you 🙂 so tell me everyone, how much pips you want to harvest in 2014? :p

In the previous AUD/USD forecast we noted that the 0.89 region played a pivotal role in the price action. Caution was recommended to pay close attention to the AUD/USD as it was too early to tell if the bearish momentum would continue.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair was slightly bullish for the week. Having said so, it has eased for now.

On Monday 6 January, we are probably expecting the volume and liquidity of the markets to return. Do exercise caution as expectations and sentiments may have changed. Expect the immediate support and resistance to be the middle and last bollinger band.

Fundamental Analysis

With the US economy performing better than expected recently, the bias for a stronger US dollar is present.

Next week bring a number of important economy releases. For data such as the Australian Retail Sales, it will be a good opportunity to observe to see if the Australian economy is holding up.

Next week also brings the US Non-Farm Payroll and many will be observing to see if the US labor is on a sustained recovery.

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AUD/USD Forecast January 6

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