Good day forex traders.
In the previous AUD/USD forecast we noted that the currency pair was bullish again for the week. It hit the bullish target of 0.725 and stretched further.
From a technical poont of view, the AUD/USD was facing resistance from the middle bollinger band. I used the bollinger band for years and feel that it is a good indication of possible ranges.
It was crucial to observe if the middle bollinger band would be breached. If so, we might expect further bullish momentum towards 0.745.
Looking at the AUD/USD weekly chart above we note that the currency pair was bullish for the week. It had since breached the middle bollinger band.
Don’t miss the full forecast. Continue on to TheGeekKnows.com for the full technical analysis and the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.