Good day forex traders and readers.
In the previous AUD/USD forecast we noted on a narrow range of trading due to upcoming economic events. Fundamentally we note that China’s moderating growth will have an effect on the sentiment towards the Australian economy.
Technical Analysis
Looking at the AUD/USD daily chart above we note that the currency pair was bearish for the week. After the channel support of 0.9130 failed, the bearish pressure gained momentum and is currently testing the immediate support of 0.8900.
The currency pair is now below the bottom bollinger band and this suggests a significant bearish pressure. Should the currency pair continue to receive bearish pressure, we may be looking at an extended bearish target of 0.8600.
Any bullish correction will probably target the support turned resistance of 0.9130.
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