Full Release at
TheGeekKnows.com Learn Forex Trading and read exclusive EUR/USD Forecast and AUD/USD Forecast Reviews.
Good day forex traders and readers.
In the previous AUD/USD forecast we noted that the currency pair had been on a steady bearish down trend since September last year. The technical chart suggested a significant support at the region of 0.7620. Any bullish recovery might target 0.7780.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was bullish for the week. It did test the 0.7620 region as expected.
It is interesting that the AUD/USD remains supported by 0.7620. We may be entering a consolidation period. Any bearish momentum will definitely need to overcome the support. Bullish target remains as 0.7780.
The bottom bollinger band is turning bullish and hence we need to monitor closely.