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AUD/USD Forecast 13 May 13
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Good day forex traders and readers !
In our previous AUD/USD forecast and economic reviews we noted a bearish pressure for the currency pair. The Australian economy is also facing some challenges as the job outlook weakens. We also noted an interest rate cut by the Reserve Bank of Australia.
Technical Analysis
Looking at the AUD/USD daily chart above we do note an expected bearish shift right towards the strong support level of parity. The momentum is strong and hence caution must be taken so as to not catch a falling knife. The currency pair went below parity briefly.
Place a close watch on the parity levels. An area of high significant, we may be looking at a high level of uncertainty. Should this support fail, we may be looking at 0.9820 +/- .
Source: http://www.fxinstructor.com/blog/audusd-forecast-13-may-13
