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Good day forex traders and readers.
In the previous AUD/USD forecast we noted the currency pair was bullish for the week. It did test the 0.7620 region as expected. The AUD/USD remained supported by 0.7620 and we might be entering a consolidation period. Any bearish momentum would definitely need to overcome the support. Bullish target remained as 0.7780. The bottom bollinger band was turning bullish and hence we should monitor closely.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was bullish. As expected, 0.778 was achieved. The currency pair is now at the top of the current consolidation range and close monitoring is required.
Immediate resistance lies around 0.7850 – 0.7900. An extended bullish target will be 0.8. Any bearish return will likely target 0.778 and down to 0.7600.
As mentioned previously, the bottom bollinger band is now bullish and hence this bullish momentum may be around for the short term.