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EUR/USD AUD/USD Forecast 18 Jan 16

EUR/USD AUD/USD Forecast 18 Jan 16
Sunday, January 17th, 2016 @ 4:22 pm by The Geek

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Good day forex traders.

In the previous EUR/USD forecast we noted that the currency pair was bullish for the week. It did attempt to test 1.08 but the support held. The middle bollinger band worked again. Looking at the momentum, we could conclude that the middle bollinger band resistance was strong. In the upcoming week, we would need to observe the price action in this region. A clean breach might open up the upper limits at 1.12 and 1.14.

Should the bearish momentum return to test 1.08, failure of the support would open up the lower bollinger band as an extended bearish target.

In the previous AUD/USD forecast we noted that the currency pair was bearish. The momentum was strong and it breached the lower bollinger band.

The AUD/USD was testing the support of 0.6950. Should the currency pair continued to develop below the lower bollinger band, we might see further bearish momentum. A failure of the 0.6950 support might see the AUD/USD targeting the bearish target of 0.68.

A bullish return would need to overcome the lower bollinger band. It was a possible resistance region.

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Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency had once again failed to breach the middle bollinger band. It was a doji for the week.

Don’t miss the full forecast. Continue on to TheGeekKnows.com for the full technical analysis and the fundamental analysis to understand more about the underlying market sentiments.

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