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Saturday, October 19, 2013

Forex: Did you Profit from the Wild Ride of the AUD/USD in the Last Few Months?

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


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