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AUD/USD Forex Forecast Review 10 Mar 12



Good day forex traders.

Welcome to the forex forecast review of the AUD/USD!

In the previous review we noted that the currency pair remained around the 1.0750 region. We might perhaps see a wider range right down to the 1.06 region. Fundamentally economic data from the US suggested more economic growth. However the budget deficit of the US might be a time bomb waiting to explode.



Technical Analysis

The AUD/USD dipped to a lower range and is now testing the support region of 1.056. Should this support fails, we may see an extended bearish target of 1.0340. The currency pair made a lower low this week.


Fundamental Analysis

It was reported that Australia‚Äôs economy expanded at half the pace economists forecast last quarter. This was probably due to various reasons such as reduced consumer spending. The housing slump in Australian is creating a drag on the economy’s pace and tourism was reported to be on a down trend both internally and probably externally. The stronger Australian dollar may be dissuading tourism to the country. 

It was reported that speculations of an interest rate cut is increasing due to the economic weakness mentioned above. This is probably not beneficial for the strength of the Australian dollar.

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