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Good day forex traders and readers.
In the previous forex forecasts for the AUD/USD and EUR/USD, we noted both currency pairs slowing down due to bearish resistance. Critical levels of resistance were observed which if breached, might bring further bullish momentum. From a fundamental point of view, the US debt ceiling crisis loomed over the markets, reducing trading ranges across many currency pairs.
Looking at the AUD/USD daily chart above we note that the currency pair left the previous region behind and climbed further on the heels of bullish momentum.
We are now at another resistance level. Should the 0.9680 level fail, we may be looking at 0.9840 as an extended target. The immediate support probably lies at 0.9520.
Looking at the EUR/USD daily chart above we note that the currency pair also gained in value and breached the 1.36 resistance. We are now also at an immediate resistance region. I love it when our lines work! If you are a long time reader of TheGeekKnows you will release that our support and resistance lines are often target areas of forex moves.
Should the bullish momentum gain strength, we may be looking at an extended target of 1.38. If a bearish correction returns, we may be looking at a support region near 1.3510.
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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