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AUD/USD Forex Forecast Review 4 Feb 12

Good day forex traders.

Welcome to another forex forecast review of the AUD/USD. In the previous forex forex review, we noted that the AUD/USD is experiencing a bullish momentum. The extended target of this bullish drive would probably be 1.0750. The S&P/AXS 200 continued to be bullish and fundamentally Australia’s economy has probably more steam still up in it’s engine.

Technical Analysis

The AUD/USD hit the extended bullish target of 1.0750. I LOVE IT WHEN MY CHARTS WORK! It is crucial now to monitor the developments as 1.0750 was previously successful in driving off bullish encroachment. Look out for an entire candle to be closed above the 1.0750 line for the possibility of further bullish momentum.

Fundamental Analysis

The S&P/ASX 200 is facing a possible resistance at 4300. Having reached a high of 4288+ it has since eased off to 4250+. Having said so, the Australian economy remains dynamic and good figures from the US economy is also encouraging risk taking activities. The recent US Non-Farm Payroll was better than expected. The Australian currency is probably benefiting from this as US dollars are sold in return for higher yielding currencies such as the AUD.

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