AUD/USD Forecast 29 Oct 12

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The AUD/USD had been ranging for sometime now and this is expected due to the fundamental currents affecting it.

Technical Analysis

Looking at the AUD/USD daily chart above, we note the recent ranging nature of the currency pair. However if we were to impose on the chart trend lines from previous months, we note a triangle of sorts forming. This may result in a breakout. Bullish extended target may be the 1.056 region while any bearish break down may see the parity 1 which was last tested June. In the meanwhile, 1.0330 is a pivot of sorts.

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.