AUD/USD Technical Analysis for 21 Oct, 2013
The Aussie tanked against the Greenback from May 2013 and many forex traders made huge gains from that. However the Aussie fared better after the Australian, general elections (in which Tony Abbott became the next prime minister after Labour's Kevin Rudd), and then some, when the economic news from China was much more optimistic than the pundits would have us believe. It finally did a U-turn after it was heavily oversold from May to August.
Now since the end of the Congress gridlock on the 17th of October, the Aussie has been climbing. With NO taper in sight, not in the short term at least, what is the forecast? The trend looks likely to continue at least into the near future. But see for yourself what the professional traders think about how the AUD/ USD is going to pan out for the week 21 October 2013 using technical analysis forecasting.
Will the Aussie reach parity again by December? Note that the AUD was $1.05+ USD at the peak of its ascent just earlier this year. What a difference a few (roller-coaster) months make.
Even if you're not a forex trader, you could still benefit (indirectly) from this information by strategising your business /investment to take advantage of the currency moves whether you are buying assets to bring into the country or sending money overseas to invest offshore and vice versa. Many people have done just that. What with the US taper/economic issues yet to be resolved long-term, you will have plenty of opportunity to play and profit from the forex markets in the near future and beyond.
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Source: courtesy of FXEmpire.com
From around the web and updates:
From around the web and updates:
- 6 Mar 2014: 2 Travel Places to visit where AUD is UP (instead of down)
- 24 Oct 2013 Aussie caught in a Currency Crossfire (vg update)
- 21 Oct 2013 Aussie braces for impact as US data backlog emerges...(good update)
- 20 Oct 2013: Australian dollar ended Friday’s session at a 19-week high against its USD, after upbeat Chinese economic data eased fears over the strength of the Chinese recovery... AUD/USD hit 0.9677 on Friday...
- Australian dollar soars to US96 cents as America gets downgraded, Friday, 18 Oct 2013
- Half of Australia is working from home! 16 Oct 2013 (How many are forex traders? Expect the trend to continue,,,some switched-on Sydney taxi-drivers are trading CFDs between passengers)
- Dollar hits four-month high as Fitch puts USA on downgrade warning, 16 Oct 2013
- 5 lessons from Haribo's (Wine Gums, Jelly Babies) incredible business success 16 Oct 2013