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AUD/USD and EUR/USD Forecast 7 Jan 13

AUD/USD and EUR/USD Forecast 7 Jan 13
Sunday, January 6th, 2013 @ 12:11 pm by The Geek

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Good day forex traders and koalas!
In the previous AUD/USD and EUR/USD forecast we noted the dangers of the low volume conditions. Unexpected spikes were a possibility. The idea of a budget year without surplus brought about a dent to the AUD/USD while the US fiscal cliff solution for now brought about some relief.

Technical Analysis

20130106-192832.jpg

Looking at the AUD/USD chart above, we note a crazy week for the currency pair. The forex gap at the start of the week was unexpected and remember how I always felt about forex gaps? SUPER HIGH RISK ! Indeed so, the currency pair fought to dip below in an attempt to ” close the gap ” and after which it bounced right up. A low volume condition probably contributed to it too. Such moves could easily wipe out trades on both sides. I urge you spend some time next week to wait for the price action to stabilize first.

20130106-192843.jpg

Looking at the EUR/USD chart above, we note that the currency pair remained depressed. If bearish pressure remains, there is a possibility of a test on 1.3. A come back of the bulls may see 1.3150 tested. These two regions display significant historical activities.

Don’t miss the fundamental analysis,
continue on to TheGeekKnows.com for the fundamental analysis to understand more about the underlying market sentiments.

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