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  • AUDUSD Chart 12th May 2015

Technical Analysis of Aussie Dollar

Good day traders!
On the weekly chart we can see that 2 dojis have been formed. There is a potential for the pair to rise up to at least 1.036 which is the 50 ema.20130223-162232.jpg

I would attempt to take a long trade at the open of the Aussie market. By Tuesday NY open, if the pair does not reach the 1.036 target, the trade will be taken out.

Reserve bank of australia (RBA) governor Mr. Steven’s most recent announcement seems to suggest that they are going to hold back any interest rate cuts and this took the market by surprise. This cautious approach in loosening monetary policy have invigorated the Aussie bulls and push the price up from 1.022 lows. The pair closed above 1.03 and technically, as I have stated above, we might be seeing some bullish Aussie dollar action in the first half of next week.

All the best to your trading.

By | 2015-04-29T12:01:35+00:00 February 23rd, 2013|Categories: AUD Crosses, Daily Technical Strategy|Tags: |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

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