AUD/USD Weekly Forecast 11 Feb 13

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Good day forex traders and koalas.

In the previous AUD/USD weekly forecast we noted bearish momentum for the currency pair. 1.0360 was the immediate support. It was reported that Australia manufacturing dropped to the lowest in 3.5 years.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the bearish drop had came from some time back and short positions would have done well over the weeks. As the 1.0360 support fails, we see the next support of 1.0230 open up for possible testing. Keep yourself close to the price action as we may see some consolidation / correction after a prolonged bearish momentum.

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.