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Good day forex traders and readers.
In the previous AUD/USD and EUR/USD forecasts, we noted that the immediate regions were strong support and resistance regions technically. We might experience resistance on any bullish momentum. Fundamentally the markets remained on the edge akin to students awaiting for the final year examination results! The US government shutdown and upcoming debt ceiling deadline remained drivers of apprehension.
Looking at the AUD/USD daily chart above we note that the currency pair remains weighted down by bearish pressure as the currency pair approached a previous high. The bullish momentum was slowing down as the week ended. Should it clear the high point, we may expect further bullish advances.
I like how the bollinger bands are working for our technical analysis and the immediate support may be the middle bollinger band.
Looking at the EUR/USD daily chart above we note that the currency pair remains capped by the 1.36 resistance as mentioned on the previous EUR/USD forecast. This line continues to remain a strong point of reference for any continued bullish pressure.
Once again our bollinger bands are serving us adequately. Look out for the middle bollinger band to be functioning as possible support.
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.