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Good day forex traders and koalas!
In the previous AUD/USD forecast we noted a test on the support of the 1.0430 region. Any failure might bring about more bearish moves. Fundamentally the Australian economy remains encouraging although recent developments globally and in China ( Australia’s largest trading partner ) are weighting down on it.
The 1.4030 support did fail and 1.0330 was taken out too.
SMA 20 ( RED ) = Bearish
SMA 50 ( BLUE ) = Flat
The SMAs are not aligned and hence this may suggest short term volatility. More observation is required though. The SMA 200 ( BLACK ) which is an indication of possible long term trend is in the vicinity and being above the price action, it may act as an immediate resistance to the AUD/USD. If the currency pair fails to reclaim 1.0330, we may be seeing the extended bearish target of 1.020 next.
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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