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Good day forex traders and koala friends!

In the previous AUD USD forecast we noted on the resistance of 1.0560. Any bullish momentum would need this region to be taken down clean. China is slowing down and hence there is apprehension towards how the Australian economy will react.

[I]AUD/USD Chart[/I]

[B]Technical Analysis[/B]

Looking at the AUD/USD chart above, we noted that the 1.0560 resistance held and the currency pair eased off. It hit and met with a challenge at the support of 1.0430. I love it when the support and resistance lines that i plot makes sense. Don’t you?

SMA 20 = Bullish

SMA 50 = Bullish

While both the SMAs are bullish for now, i would advise caution due to the sentimental issues surrounding Australia for now. ( I will touch on it below ) If the 1.0430 support fails, 1.0330 may be next. Any bullish correction will need to tackle 1.0560 again.

[B]Don’t miss the fundamental analysis and technical chart,

continue on to TheGeekKnows.com for the fundamental analysis of the [URL="http://thegeekknows.com/2012/08/audusd-forecast-20-august-12.html"]AUD/USD Forecast[/URL] Weekly Review to understand more about the underlying market sentiments.[/B]