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AUD/USD Forecast 17 Jun 13

AUD/USD Forecast 17 Jun 13
Sunday, June 16th, 2013 @ 9:06 am by The Geek

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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that the extended bearish target might be 0.9380 if the currency pair continued to experience weakness. Fundamentally the Australian equities index ASX 200 was red and China’s economic figures continue to disappoint.

20130616-162645.jpg

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair did test our extended bearish target which I mentioned last week. I made some pips from this and I hope you did too :)

The currency pair had since eased back up and is now testing the immediate resistance of 0.9610. It is crucial that we monitor this resistance line as a failure will no doubt suggest the possibility of targeting 0.9380 again. If the bullish momentum does gain in strength, 0.9710 would probably be next.

With regards to the bollinger bands, we note that the middle band is functioning as a strong resistance for the bearish trend so far and hence it is important to monitor this too.

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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