fbpx

Antipodean Dollars Maintain Bull Trends vs. US Dollar After Corrective Dips

Technical Analysis

Both the Australian and New Zealand Dollars have seen modest corrective setback in early April against the US currency, but rebound activity through midweek leaves the underlying bullish themes that have been evident since at least mid-Q1, very much intact.

The bias is, therefore, for further upside extensions of the NZDUSD and AUDUSD bull trends into and through mid-April.

See all technical analysis

NZDUSD

Building Wednesday on the hammer candlestick pattern Tuesday, that produced a rebound ahead of support at .6748 (from .6755), with the push above.6822 shifting the immediate bias higher Thursday.

For Thursday/ Friday:

  • We see an upside bias for .6844 and .6863; break here aims for .6925.
  • But below .6798/90 opens risk down to .6755/48.

Short/ Intermediate-term Outlook – Upside Risks:

  • We see a positive tone with the bullish threat to .7000/12.
  • Above here targets .7232 and .7396/7413.

What Changes This? Below .6572 signals a neutral tone, only shifting negative below .6541.

 

Daily NZDUSD Chart

NZDUSD

 

AUDUSD

A rebound Wednesday to push above .7599, having held above .7506 Tuesday, to shift the immediate risks back higher Thursday.

For Thursday/ Friday:

  • We see an upside bias for .7631; break here aims for .7674.
  • But below .7557 opens risk down to .7506.

Short/ Intermediate-term Outlook – Upside Risks: The break above .7243 set a bull theme.

  • We see a positive tone with the bullish threat to .7738.
  • Above here targets.7849 and .8000.

What Changes This? Below .7411 signals a neutral tone, only shifting negative below .7106.

 

Daily AUDUSD Chart

AUDUSD

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


Popular Brokers