Good day forex traders.
Welcome to a combined forecast of the EUR/USD and AUD/USD. It is a wet weekend for me and hearing the rain fall outside my humble koala hut just seems to tell me how the market feel now. Dampened!
In the various EUR/USD and AUD/USD forecasts we did note of possible bearish inclination. It seems like something bearish is just lurking around waiting for the right time to strike.
Looking at the AUD/USD daily chart above we note a bullish trend being tested now. The currency pair dipped on the last day of the trading week and fell short of testing the 1.0330 line. This happens to be the region of a bullish trend line since early last month. A failure of the support here may see 1.0250 targeted for further bearish development. As we can see from the chart above, a successful support may see the AUD/USD heading north towards 1.0430 again.
Looking at the EUR/USD daily chart above we note that the currency pair is almost testing the major support of 1.28. This is crucial because should the support fail, the extended bearish target of 1.26 will come into sight. Therefore it is critical to monitor how the EUR/USD reacts upon the opening of the new trading week.
The fundamental situation now remains tricky. The US Non-Farm Payroll reported a better than expected increase of jobs. However the unemployment rate increased and is now at 7.9%. For those who are wondering why can this happen, unemployment rate only factors those seeking for a job and therefore probably more people are starting to look for a job. It remains a worrying mystery how many people remain unemployed and not seeking for a job at the moment.