AUD-USD forecast next week april 9-13 2012

forex trading outlook today - AUD-USD forecast next week april 9-13 2012 : The AUD/USD pair traded a limited range between 1.0270 and 1.0335, last at 1.0305 ahead of the closing bell in New York this Friday, up around 10 pips on the day, poised to close down 0.5% for the week. The currency had received some support from Chinese stock markets, which reopened after three days of public holidays.

The Australian dollar fell sharply this week on weaker than expected trade data and signs the country’s central bank will cut the official interest rate as early as next month.

“My take is that despite I still see the pair bearish, and I do expect a gap for next week opening, an upward correction may be ahead: pair stalled at the 50% retracement of its latest bullish run. I would expect such correction to reach as high as 1.0420 area before the pair resumes the downside. A break below 1.0230 on contrary, should confirm more falls and the pair may approach 1.0100 next week.”

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