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AUD/USD Forecast December 2

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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that it was testing the support region of 0.9180. Should this support failed, the currency pair might test the immediate support of 0.9080 next. The currency pair was in a bearish channel. Reserve Bank of Australia officials were reported to have indicated the possibility of intervention and this brought about much bearish pressure.

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Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair was bearish for the week, continuing the momentum from the previous week. It was testing the immediate support of 0.9080 as expected and I love it when my forex charts work!

I have projected a new immediate support at 0.9060. Should this support fail, we may be looking at an extended bearish target of 0.8900. This was a previous low and also the end point of a loose head and shoulders pattern that seems to be unfolding for the currency pair.

Any bullish recovery may see a test of the resistance region of 0.9200.

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

XAU/USD: technical analysis

Forex analytics: XAU/USD, H4
This week, quotes of gold have reached the lows since July at the level of 1227.25. Later, the price shifted to the sideways movement in the range of 1257.77-1234.50. Currently, quotes of the precious metal are growing; the price chart has broken the medium average line of “Bollinger bands” giving probability of growth up to the level of 1249.90 (upper line of the indicator and …

News of the day

Forex analytics: The following major EU economic statistics will become known today: preliminary consumer price index and unemployment rate for October.
 
Consumer price index determines price changes for the “basket” of goods and services of persistent demand. This index is also the main indicator of inflation rate in the country. It is assumed that consumer price index will increase from 0.7% to 0.8%. The …

New Year contest «Supermarathon LiteForex»

LiteForex’s News: Dear clients,Our company announces the launch of a wide-scale contest in the financial market that will run from 01.12.2013 to 30.12.2013 – Supermarathon LiteForex with the prize fund of $30 000. On the threshold of New Year, we reflected on a present we could make for our clients. A brilliant idea came to us: competitiveness, ardor and also a sizeable chunk of money – $15 000 for our first …

Forex: Ichimoku Clouds. Review of GBP/USD

Forex analytics: GBP/USD, H4
On the four-hour chart Tenkan-sen is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is above the price chart, current Kumo is ascending. The closest support level is Tenkan-sen line (1.6324). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.6414.

 
 
GBP/USD, D1
Let’s look at …

EURUSD Daily Forecast: November 29

EURUSD Forecast    

The EURUSD didn’t make significant movement yesterday. Despite hesitation to move consistently above 1.3600, the bias remains bullish in nearest term testing 1.3750. Immediate support is seen around 1.3550. A clear break below that area could lead price to neutral zone in nearest term testing 1.3500 – 1.3480, which need to be clearly broken to the downside to give the bearish reversal scenario another chance.

eurusddaily

GBPUSD Daily Forecast: November 29

GBPUSD Forecast

The GBPUSD continued its bullish momentum yesterday and hit 1.6373 earlier today. The bias remains bullish in nearest term testing 1.6380 before testing 1.6500. Immediate support is seen around 1.6330. A clear break below that area could lead price to neutral zone in nearest term testing 1.6250 but overall I prefer a bullish scenario at this phase.

gbpusddaily

USDJPY Daily Forecast: November 29

USDJPY Forecast

The USDJPY was indecisive yesterday but overall still able to maintain its bullish bias and hit 102.60 earlier today. The bias remains bullish in nearest term testing 103.00 – 103.75. Immediate support is seen around 102.15. A clear break below that area could lead price to neutral zone in nearest term testing 101.60 but any downside pullback now is normal and overall I remain bullish.

usdjpydaily

USDCHF Daily Forecast: November 29

USDCHF Forecast

The USDCHF didn’t make significant movement yesterday but overall still able to maintain its bearish bias. The bias remains bearish in nearest term testing 0.9000 as nearest target. The falling wedge bullish warning also remains valid especially if price broke above the wedge and  0.9095 resistance area but overall I still prefer a bearish scenario at this phase.

usdchfhourly

Forex: Ichimoku Clouds. Review of USD/CHF

Forex analytics: USD/CHF, H4
On the four-hour chart Tenkan-sen line is below Kijun-sen and they are both horizontal. Chinkou Span line is below the price chart; current cloud is descending.  The pair has been corrected above Tenkan-sen line once again, but couldn’t overcome Kijun-sen line and dropped under the red line. The closest resistance level is Tenkan-sen line at 0.9066. The pair will meet a support at …

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