Technicals | Oct 26 2010
By Rudi Filapek-Vandyck
The Wizard reports he has been keeping a close eye on AUD/USD in anticipation the Aussie dollar will reach parity without pulling back. He now believes that moment is not far off.
It could happen as soon as this week.
The technical picture for the Aussie dollar remains supportive, reports the Wizard. The MACD indicator is bullish after the recent healthy pullback and there's firm support at the 20 moving average (M/A).
A weekly close above parity would be very bullish for AUD. Note: currency specialists at National Australia Bank have now raised their forecasts and expect AUD/USD to reach 1.05 by mid next year, before a gradual retreat is anticipated to kick in.
NAB still sees AUD/USD at 0.98 by late December 2011.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au The views expressed above are the TechWizard's, not FNArena's (see our disclaimer).
