Good day forex traders and readers.

Welcome to another forecast of the AUD/USD and EUR/USD. I hope you had a great week of forex trading. Nothing beats having a good harvest of pips!

In the previous AUD/USD forecast we noted the currency pair dipped below the previous low of 0.8880. For the EUR/USD, it also dipped towards the strong support of 1.32. From a fundamental point of view, both the US and Euro Zone reported positive developments. Australia on the other hand was mainly neutral. Regardless, the markets remained plagued by the US Federal Reserve quantitative easing tapering woes.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair tested a previous high again. The current region is obviously crucial as it is an important resistance. Failure to block further bullish momentum may suggest a recovery towards 0.9280. The AUD/USD is now still within a swinging range of 0.8850 to 0.9230.

Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair slipped below 1.32 and was not able to recover above it. Should the EUR/USD continue to fall, we may see a test of 1.3. It is now in a short term bearish channel.

Fundamental Analysis

The US Non-Farm Payroll failed to achieve the expected figures but remained positive. The US unemployment rate also drop and is now 7.3%. This suggested a job market that is recovering. While this would usually spur risk taking sentiments, the apprehension regarding quantitative easing tapering probably mulled the reactions. Despite recovering on Friday, the EUR/USD remained bearish for the week as you can see in the 24 weeks profile below.

The Australian economy probably received better appreciation as the recent positive China developments urged the Australian prospects on. The opposition candidate won the election and while this is probably positive for the Aussie dollar, I will remain on the sidelines until the dust settles. Some traders are speculating on a forex gap.

More important economic releases are due next week including Australian employment data and US retail sales. Do have your proper money management implemented.

Trade safely.

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AUD/USD EUR/USD Forecast September 9

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