AUD/USD EUR/USD Forecast May 12

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In the previous AUD/USD forecast we noted that the currency pair ended up pretty much the same level as the previous week. The candle pattern was a doji and it suggested uncertainty. It remained critical to observe if the AUD/USD would break away from the influential support and resistance region of 0.9280. Bearish targets remained at 0.9150 and 0.9050. Distinctive bullish momentum might see a bullish target of 0.9450 followed by 0.96.

In the previous EUR/USD forecast we noted that the currency pair was bullish for the week. Having said so the price action was not a substantial one. The currency pair remained near the 1.385 region. A continuation of bullish momentum would likely see 1.4 as a possible target. Be careful as it was possible that resistance would increase as the EUR/USD approached 1.4. A bearish correction would bring us a possible bearish target of 1.37 followed by 1.35.

Technical Analysis

Looking at the AUD/USD weekly chart above we note that the currency pair was bullish for the week.

As the currency pair approaches the resistance region of 0.94 – 0.9450, we need to monitor for any bearish pressure. Should the resistance fail, we may see 0.96 next.

A bearish correction will likely push the AUD/USD back towards 0.9280.

Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair suffered a bearish down push for the week. As mentioned previously, any attempts to reach 1.34 might be repelled with a strong rejection and this seems to be the case.

Any bullish attempt to regain footing may need to overcome 1.3850 and then 1.34.

Should the bearish momentum pick up, we may see 1.37 and 1.35. Having said so, the weekly middle bollinger band may act as an support and hence close monitoring is crucial.

Don’t miss the fundamental analysis
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.