AUD/USD and EUR/USD Forecast 4 Feb 13

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Good day forex traders and koalas.

In the previous forecast review we noted that the AUD/USD faced bearish pressure and if the immediate support fell, 1.0360 might be the next target. EUR/USD on the other hand was testing the resistance of 1.3480. If the currency pair was successful, we might see 1.36 next. Fundamentally we noted continued good sentiments although there were speculations of a possible upcoming interest rate cut by the Reserve Bank of Australia RBA.

Looking at the AUD/USD daily chart above we do note that the bearish momentum continued. I LOVE IT WHEN MY CHARTS WORK ! As expected, it is proceeding on for a test of the support region of 1.0360. It is usually a strong support and hence we need to monitor the reaction of the currency pair

Looking at the EUR/USD daily chart above we note a continuing bullish climb. The target of 1.3600 was hit ! I LOVE IT WHEN MY TARGETS WORK. Ok enough of shameless self praise :p Now if this keeps up, we will be looking out for 1.3800.

Don’t miss the fundamental analysis,

continue on to TheGeekKnows.com for the fundamental analysis to understand more about the underlying market sentiments.