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Good day forex traders and koalas!
In the previous AUD/USD forecast we noted resistance at the SMA 200 region. Should this region fall, we would expect more bullish momentum to surface. China’s GDP growth of 7.6% was encouraging for the Australian dollar being the largest trading partner.
[B]Technical Analysis[/B]
Looking at the chart above, the SMA 200 did fall and the AUD/USD rose to meet the next resistance indicated by me which is 1.0430. YES I LOVE IT WHEN MY CHARTS WORK!
SMA 20 = Bullish
SMA 50 = Bullish
We are seeing both SMAs bullish now and the possibility of a continued bullish move is present. Having said so, 1.0430 is yet another resistance to tackle. If this fails, we can consider the extended bullish target of 1.0560.
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