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Good day readers.
In the previous AUD/USD forecast we noted that the currency pair was bullish for the week. It was testing the middle bollinger band again. Our bollinger bands continued to provide indications of possible price action. Should the AUD/USD clear the middle bollinger band, the bullish momentum might target 0.74. Any further push would need to see the upper bollinger band breached first
A return of bearish pressure might see support at 0.7120, followed by the lower bollinger band.
Regardless it was important to note that the AUD/USD had been range bounded for sometime now.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was bearish. The momentum was strong and it breached the lower bollinger band.