AUD/USD Forecast 27 May 13

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By ltan | May 26, 2013 2:21 AM EST

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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that the currency pair remained bearish and that we might see 0.95+ as an extended bearish target. There were speculations that investors were selling currencies such as the Australian dollars in exchange for US dollars so as to participate in the equities rally of the S&P 500.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair remains bearish. The bearish trend is strong as we can obviously see from the chart above. As we continue to make progress towards the extended bearish target of 0.9580, expect a change in trend only if the fundamental and sentimental situation changes significantly. In the meanwhile, immediate supports are to be found as high as 0.9620.

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