Full Release at
TheGeekKnows.com Learn Forex Trading and read exclusive EUR/USD Forecast and AUD/USD Forecast Reviews.
Good day readers.
In the previous AUD/USD forecast we noted that the currency pair was bullish for the week. Having said so it was still capped by 0.7850 which is turning out to be a strong bullish resistance.
The price action was confined to the channel of 0.76 to 0.785 and hence it might be a consolidation period. The AUD/USD might test 0.785 again and bearish pressure would likely take it down to 0.76.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair headed down due to bearish pressure. It remained confined within the channel that I mentioned and I like it when my forecast works USDJPY Daily Forecast: June 30