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AUD/USD Forecast Weekly 25 Feb 13



Good day forex traders and koalas.

Welcome to the weekend and I hope you are having a fantastico time! If you have made a harvest of pips, it would be times two the joy!

In the previous AUD/USD forecast we noted a bearish momentum and the support region of 1.0230. The Australian economy seems to be entering a flat of sorts and it may be a while before we see a continued pickup.

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Technical Analysis

Looking at the AUD/USD daily chart above we noted that the 1.0230 held as a support for now. I love it when my support line works! 🙂 Considering how the currency pair starts the new week, any continued bullish action will need to face the resistance region of 1.0360. 1.0230 remains the lower support followed by 1.0150.

Fundamental Analysis

The comments made this week by the Reserve Bank of Australia RBA Governor Glenn Stevens brought about much speculations in the markets. The general sentiments seem to be of the belief that the current interest rate will likely stay for now. This had brought relief to speculations of a cut of interest rate and hence the Aussie dollar climbed higher due to demand. The RBA believes that the interest stimulus so far continues to work it’s way into the economy and more signals must be observed before the consideration of further currency intervention.

We must continue to observe the AUD/USD as it attempts to strike a balance between value and export attractiveness. This may result in a ranging pattern.

Trade safely.

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