Good day forex traders.

Welcome to the weekends and i hope you are having a wonderful rest so far. If you had a great week of trading, well done! If you made a loss, learn from the mistake. Most importantly i hope proper money management was followed.

In the previous AUD/USD forecast we noted that the currency pair was at a region where consolidation may happen and hence we should monitor this with the upper limit being right about 1.0480 and respectively lower limit being about 1.0380.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair did hit resistance at about 1.0480. After which the bearish momentum had drove the AUD/USD lower and it is almost at 1.0400. I love it when my technical analysis work 🙂

Should the bearish momentum continue, the immediate bearish target / support may be 1.0350.

Fundamental Analysis

With the Cyprus crisis triggering a flood of negativity to the markets, higher yielding assets such as the Australian dollar or Aussie for short will inevitably suffer some form of a sell off. While the AUD/USD was pretty much resilient for a fair amount, the final blow this week probably came as a flow over of a dip in Chinese equities. As i always mentioned, China is Australia’s largest trading partner and hence developments in China usually affects the sentiment towards Australian economic markets.

Next week brings the announcement of the interest rate for Australia. Do monitor closely and have ample provisions for proper money management in case of unexpected developments.

Trade Safely.

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AUD/USD Forecast Weekly 1 Apr 13

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