May 18th 2013, 07:41
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Good day forex traders and readers.
In the previous AUD/USD forecast we noted ongoing bearish pressure. A bearish target would be 0.98+. Resilience of the Australian economy might be weakening.
Technical Analysis
Looking at the AUD/USD daily chart above we note that the currency pair was strongly bearish for the week. The bearish target of 0.98 + was hit and I would like to congratulate the traders who had short positions.
There are no apparent signs of a weakening bearish momentum although RSI suggests an oversold situation. If the bearish momentum continue, we may be looking at a bearish target based on a previous low point of 0.95 + .
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.
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