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Good day forex traders and readers.
In the previous AUD/USD forecast we noted that the technical situation was bearish. Close monitoring should be done to see if 0.89 would be breached. From a fundamental point of view the currency pair was also getting bearish pressure from the Reserve Bank of Australia whose officials were reported to have made comments regarding excessive strength.
Looking at the AUD/USD daily chart above we note that the currency pair did touch the 0.89 support and dipped below. A few readers who were much stronger in fortitude than me, insisted on waiting for 0.89 proper rather than taking profit as mentioned in the previous review. Now they are happy Just be careful though as this could have easily ended up on the other side of the story!
After midweek we noted that the AUD/USD started to recover and it is now above 0.89 again. As I mentioned previously, I got a feeling that this support level is strong and hence we will need to monitor if this region will be a turning point for the momentum.
Should a bullish correction occur, I expect the immediate bullish target to be just above 0.9.
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continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.