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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.
Don’t miss the fundamental analysis,
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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