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Australian and New Zealand Dollars Bear Themes Intact, Despite Bounce Efforts

Technical Analysis

Video Analysis

 

The Australian and New Zealand Dollars remain under significant downside pressures versus the US Dollar, despite having attempted minor rebounds this week.

New cycle lows for these currencies against the US$ in August/ September leaves the risk for a renewal of bearish forces both this week and further into September.

AUDUSD

  • A Tuesday rally and a push higher Wednesday, but finding resistance at the .7062/63 area to leave the bias back lower for Thursday.
  • In addition, we see negative risk from the previous reversal below the long term trend line from 2001, and push below .7000, for still more bearish pressures into September.

For Thursday:

  • We see a downside bias for .6965; break here aims for .6921.
  • But above .7063 opens risk up to .7088, maybe closer to .7153.

September Outlook – Downside Risks:

  • We see a negative tone resurfacing with the bearish threat to .6857
  • Break sees .6645 and .6500

Daily AUDUSD Chart

AUDUSD

NZDUSD

  • A Tuesday rally and as expected a push higher Wednesday, but also as expected finding resistance at the .7062/63 area to leave the bias back lower for Thursday.
  • In addition, we see negative risk from the previous reversal below the long term trend line from 2001, and push below .7000, for a still more bearish pressures into September.

For Thursday:

  • We see a downside bias for .6965; break here aims for .6921.
  • But above .7063 opens risk up to .7088, maybe closer to .7153.

September  Outlook – Downside Risks:

  • We see a negative tone with the bearish threat to longer term targets at .6196/54.
  • Overshoot threat is lower to .6000, maybe .5741.

Daily NZDUSD Chart
NZDUSD

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