AUD/USD EUR/USD Forecast December 16

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By ltan | December 16, 2013 2:49 AM EST

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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that the extended bearish target of 0.8900 remained and from a fundamental point of view, the Reserve Bank of Australia continued to adopt a dovish stance on the Aussie dollar.

In the previous EUR/USD forecast we noted that the bullish target of 1.38 was in sight as positive developments and sentiments in the US and Euro Zone increased the risk appetite of the markets.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair has completed the loose head and shoulders chart pattern that I mentioned. While 0.8900 was not hit per se, I always mentioned that support and resistance lines are never a single pip and hence so are targets! I have many readers writing in that they had already took profit! Congratulations

What happens next is an uncertainty now although the bearish pressure remains. Close monitoring must be done to see if the 0.8900 support will hold.

Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair has achieved the 1.38 bullish target I mentioned previously. Once again I am receiving a number of my readers from the mailing list telling me how happy they are having profited. I love it when my charts work and my readers make money from forex! As I always mentioned, as long as you trade properly, slow and steady profits will come

I have marked the two major support and resistance levels. Should 1.38 fails, we may see 1.4 next. A bearish correction will attempt to seek 1.36.

Don’t miss the fundamental analysis

continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD and EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.

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