Good day forex traders.
In the previous AUD/USD forex forecast review, we noted that the resistance region of 1.0340 was broken and there was a possibility of further bullish momentum. A possible extended target would be the region of 1.0750. Fundamentally, the Australian economy continues to show it’s resilience in the midst of the global economic woes. The S&P / AXS 200 is now approaching 4240.
Looking at the AUD/USD chart above, the currency pair did continue on it’s bullish momentum. I LOVE IT WHEN MY FOREX FORECAST WORKS ! Having said so, do note that forex is never 100% predictable and that explains why i am not a millionaire yet 😛
Should the bullish momentum continue, be careful of any resistance at the region of 1.0750 which recently saw 2 bullish momentum fail to break this region.
The S&P/AXS 200 continued to be bullish and it is now at 4280+. Economic data released over the week were largely on track, thus not affecting the current sentiments towards the Australian economy. Many investors were reported to be bullish on commodities and gold and hence this may further boost the Australian economy.
Next week sees important economic data such as building approvals which leads to property / home sales and also the trade balance.
Related Forex Articles from the Koala Forex Training College.