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Good day forex traders.
In the previous AUD/USD forecast we noted that the currency pair was knocking at the 1.0430 support’s door. Spanish bailout rumours and more were dampening sentiments and exerting a downwards pressure on the currency pair.
Looking at the AUD/USD daily chart above, the currency pair did slip lower below 1.0430 and tested the next support at 1.0330. I LOVE IT WHEN MY S&R LINES WORK
The short term trend seems to be bearish as the global markets continue to be affected by apprehension. I expect the 1.0330 to continue to offer a support of sorts but if the bearish trend intensifies, 1.02 may be the next extended bearish target. Needless to say, a bullish come back will open up 1.0430 and then the next upper resistance as seen above.
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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