AUD/USD Forecast 17 Sep 12
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Good day forex traders and koalas!
In the previous AUD/USD forecast i mentioned on the possibility of the extended bullish target of 1.0560. Sentiments were benefiting from a bonds purchase program of the ECB. However the Australian economy displayed signs of weakness as seen from the lower exports.
Technical Analysis
Looking at the AUD/USD chart above, the bullish target of 1.0560 was indeed tested as mentioned. I love it when my technical chart works!
SMA 20 ( RED ) = Flat
SMA 50 ( BLUE ) = Flat
While the currency pair went beyond 1.0560, the resistance region held and the AUD/USD closed below it. Any continued bullish pressure may see an extended bullish target of 1.0750. Caution must be taken though as seen above, the previous attempt failed.
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continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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2012-09-15 20:05:38
Source: http://www.fxinstructor.com/blog/audusd-forecast-17-sep-12
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