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Good day forex traders and koalas!

In the previous AUD/USD forecast we noted that the conditions are bullish but the resistance in the region is strong. Fundamentally we continue to see the same weakness in the US job market and Euro Zone budget deficit crisis. While China remains slow, efforts by the Central Bank to spur growth is encouraging.

[B][I]AUD/USD Daily Chart[/I][/B]

[B]Technical Analysis[/B]

Looking at the AUD/USD chart above we note that the currency pair remains capped by the 1.0560 region. As mentioned in my previous forecast, this is a strong resistance region.

A bullish trend line has been drawn above and this would serve as a support for the current momentum. As per mentioned, we need 1.0560 to be taken down first before we can consider the extended target of 1.0750.

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continue on to TheGeekKnows.com for the fundamental analysis of the [URL="http://thegeekknows.com/2012/08/audusd-forecast-13-august-12.html"]AUD/USD Forecast[/URL] Weekly Review to understand more about the underlying market sentiments.[/B]