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AUD/USD and EUR/USD Forecast 14 Jan 13

AUD/USD and EUR/USD Forecast 14 Jan 13
Sunday, January 13th, 2013 @ 2:34 pm by The Geek

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Good day dear readers.

In the previous AUD/USD forecast and EUR/USD forecast we noted volatility due to the holiday season. From the fundamental perspective, the US Non-Farm Payroll was quite on track although the unemployment rate went up. There was a sentiment of calm regarding the Euro Zone. Equities were mostly green and the Australian equity index suggests an economy continuing to grow.

Technical Analysis

Looking at the AUD/USD chart above we note that the currency pair was making consistent bullish gains for most of the week. Towards the end of the trading week we noted a bullish spike followed by a reversal. This might be profit taking and being a region of resistance, we may see more testing. Any bearish correction may see 1.0440 next.

Looking at the EUR/USD chart above we note that the currency pair made a bullish push towards the end of week. In this instance we can see clearly the advantage of diversifying our investments. The AUD/USD failed to hold on to the gains while the EUR/USD did. 1.34 is usually a strong resistance and hence bullish traders will need to monitor closely.

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