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Good day forex traders and readers.
In the previous AUD/USD forecast we noted that the officials of the Reserve Bank of Australia gave somewhat neutral views toward the possibility of an interest rate cut. Weak US data towards the week of the gave back some losses as investors speculate that it would reduce the possibility of a US Federal Reserve tapering of the US quantitative easing activities. The middle bollinger remained as a likely resistance.
In the previous EUR/USD forecast we noted that the currency pair remains capped by 1.34. Any bullish momentum would need to overcome it and the middle bollinger band remained as an immediate support. The weak US data also brought some gains for reasons similar to the AUD/USD.
Looking at the AUD/USD daily chart above we note that the currency pair did test the middle bollinger band as an attempt to push for greater heights. Nonetheless it failed and it had since crashed towards the previous low of 0.8880. Do remember that support and resistance levels are never a single pip.
Should this strong support fail, we may be looking at further bearish momentum.
Looking at the EUR/USD daily chart above we note that the currency pair did test the middle bollinger band too. However this immediate support soon gave way to the bearish momentum and the currency pair dipped towards the strong support of 1.3200.
Should this strong support fail, we may be looking at an extended bearish target of 1.3000.
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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