AUD/USD Weekly Review

Daily chart of AUD/USD:

Note:All indicators for the overall outlook and predictions of AUD/USD are based on the daily forex charts and in some cases 4-hourly or weekly charts.

Previous Outlook of AUD/USD:

"(2 weeks back) On the downside any break below 1.0460 should take the pair towards 1.0390 which is the current 200-day moving average. Even a break below this should find a very strong near the recent low of 1.0348. In case AUD/USD breaks below 1.0348 then the outlook will turn bearish for deeper declines towards 1.0250 or more."

AUD/USD Forecast For This Week:

Aussie - US Dollar (AUD/USD) moved as indicated two weeks back (quoted above). The pair had gone as low as 1.0221 and then recovered to 1.0339 before finding resistance below the 22-day EMA and closed for the week at 1.0276.

The pair has been in a very volatile sideways mode over 1.0100 with a resistance near 1.0600 and this sideways range is in the picture since July 2012. Please check this old AUD/USD chart alert for the same. The immediate outlook for AUD/USD stays neutral. We expect some more downward move but a support is expected near 1.0237 but any break below 1.0220 will turn the focus towards the support of March 1st week i.e. 1.0115.

Even if the support in the range of 1.0220/1.0237 holds we expect a strong resistance first near 1.0362 (55-day EMA). Even a break of that resistance should bring a very strong resistance below 1.0392 which is the current 200-day moving average resistance.

As mentioned above that overall we stay neutral for AUD/USD and no real trend can be expected till a break of 1.0100 to 1.0624 range takes place but initially we would expect some extended sideways moves between 1.0200 and 1.0400.