Currency Forecast for AUD/USD, March 18th
Today we cover two interesting currencies which seen increased volume in the last 6 months – Australian dollar against the U.S. Dollar. Here is a brief currency forecast from a technical analyst point of view.
AUD/USD – Short-term
Over the next 48 hours, make sure to keep track of the following resistance and support levels:
-Resistance to AUD/USD: 0.9190-06, 0.9228, 0.9276-90 and 0.9404
-Support for AUD/USD: 0.9136, 0.9118, 0.9050-75 and 0.8997
Although there is support for the currency pair around 0.9118, the possibility for a break through the resistance at 0.9228 remains. In the short term, most of the leading forex analysts believe in a bullish move, ie. Australian to U.S. dollars strengthened against the USD.
AUD / USD – medium term
We have seen a rally breaking 0.9195, the first resistance. This type of movement may soon lead to a new test of the 0.9404 level within the next 14 days.
What do you think about AUD/USD; is the currency likely to go up or down?
