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Good day forex traders and readers.
In the previous AUD/USD forecast we noted a bullish momentum pushing the currency pair up. Australia is receiving positive demand these days as economic conditions in China picks up. As I always mentioned, being the largest trading partner of Australia, developments of China economy is crucial for the country down under.
As far as the EUR/USD was concerned, it remained a hostage of the struggle between the two sides of the Atlantic. With the quantitative easing tapering by the US Federal Reserve remaining a likely possibility for September, sentiments are affected.
Looking at the AUD/USD daily chart above we note that the currency pair did hit the bullish target mentioned last week and it even went beyond. The momentum is strong but it had since corrected below 0.9280.
A possible immediate support lies at 0.9200.
Looking at the EUR/USD daily chart above we note that the currency pair received bullish attention and the currency pair is now beyond 1.32.
The immediate resistance seems to be at 1.3320. Immediate support lies near the middle bollinger band at around 1.3260. The top and bottom bollinger bands will be our extended targets.
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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