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AUD/USD Forex Forecast Weekly Review 15 Jan 12

Good day forex traders.

Welcome to the AUD/USD Forex Forecast Weekly Review.

In the previous review we noted that the AUD/USD seemed to be caught in a big range. Fundamentally the Euro Zone deficit crisis was affecting sentiments across all financial markets and Australia was no exception. Having said so due to better fundamentals, the Australian economy remained relatively resilient.

Technical Analysis

Looking at the AUD/USD chart above we note that the currency pair remained supported by the region of 1.0140. On the upside we have the strong resistance region of 1.0340. Should the resistance fails, we may see an extended target of 1.0750 for the bulls. Any break down of the 1.0140 support will bring 0.9800 into focus for a bearish dive.

Fundamental Analysis

While the developments in the US continued to fuel risk taking sentiments, the Euro Zone budget deficit crisis acted on the contrary to dampen the sentiments. The speculations of a chain of downgrades of European countries by S&P ( which had since happened ) capped any bullish advance. In the meanwhile the S&P/AXS 200 index continued to display bullish indications and is about to test the 4200 line. This suggests that the Australian economy remains robust. 

Next week brings a number of job related data and hence most monitoring must be done.

Trade Safely

Related Forex Articles from the Koala Forex Training College. 

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