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Good day forex traders and readers.
In the previous AUD/USD forecast we noted that the middle bollinger was in the path of the bearish momentum and hence it might offer a support of sorts. China’s property market was seen as overheating and investors were worried of intervention from the central bank.
Looking at the AUD/USD daily chart above we note that the currency pair continued on it’s bearish momentum and had in fact probably received further bearish pressure. While the 0.9520 region did put up a support, it fell and had since turned into a resistance for bullish corrections.
The bearish momentum slowed towards the end of the trading week but remains far from being extinguished. The current region of 0.9410 is an immediate support region. Failing which we will be looking at the lower bollinger band ( red ).
Any bullish return will need to overcome the support turned resistance region of 0.952.
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.