Good day forex traders.

Welcome to a quick technical update on both the EUR/USD and AUD/USD. As some of you readers already know, i am having some issues back at home and i may not be available always. Nonetheless my heart is still here with the site and hence i am squeezing in my thoughts now.

Looking at the daily chart of the EUR/USD above we can note that the currency pair is making higher lows. This suggests weakening bearish pressure. This is further suggested by the higher top this week. 1.3 is an immediate strong support. Bullish momentum is still striving to bring the currency pair back to the 1.32 line.

Looking at the AUD/USD daily chart above we note a different story. With the recent interest rate cuts , slowing China economic growth and Australian mining stall, the currency pair had taken quite a beating. Regardless, it is on a slow bullish recovery but fell short of 1.0430. It is important to monitor 1.0330 on the start of the new week. A failure of which may see 1.02 again.

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EUR/USD AUD/USD Technical Update 21 Oct 12

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