AUD/USD Forecast 23 July 12

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Good day forex traders and koalas!

In the previous AUD/USD forecast we noted resistance at the SMA 200 region. Should this region fall, we would expect more bullish momentum to surface. China’s GDP growth of 7.6% was encouraging for the Australian dollar being the largest trading partner.

Technical Analysis

Looking at the chart above, the SMA 200 did fall and the AUD/USD rose to meet the next resistance indicated by me which is 1.0430. YES I LOVE IT WHEN MY CHARTS WORK!

SMA 20 = Bullish

SMA 50 = Bullish

We are seeing both SMAs bullish now and the possibility of a continued bullish move is present. Having said so, 1.0430 is yet another resistance to tackle. If this fails, we can consider the extended bullish target of 1.0560.

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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