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AUDUSD and NZDUSD Bullish Threats


Resilient consolidation by both the AUDUSD and NZDUSD FX rates have reinforced the bullish themes seen so far in 2017.

Not only have these rallies rejected the intermediate-term bearish themes from November-December 2016, but risks are continuing to grow for even more bullish intermediate-term signals.

This would require an AUDUSD rally up above .7778, and for NZDUSD to move up through.7403.

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AUDUSD

A rebound Wednesday, holding above support at .7602 and pushing towards resistance at .7681, rejecting risk for further corrective losses and switching the risk back to the upside for Thursday.

Furthermore, risk into February remains for a push above .7778, which would see an intermediate-term bullish shift.

For Today:

  • We see an upside bias for .7681; break here aims for .7695/96.
  • But below .7602 opens risk down to 7547.

Short/ Intermediate-term Range Parameters: We see the range defined by .7155 and .7778.

Range Breakout Challenge

  • Upside: Above .7778 aims higher for .7835/49/78 and .80000.
  • Downside: Below .7155 sees risk lower for .7141, .7106, .6971 and maybe .6825.

Daily AUDUSD Chart

audusd chart

NZDUSD

 

A rebound Wednesday, rejecting the Shooting Star type candlestick pattern from Wednesday, reinforcing underlying bullish pressures from the new recovery high posted this week and shifting the bias back to the upside for Thursday.

Moreover, growing threat remains for an intermediate-term bullish shift above .7403.

For Today:

  • We see an upside bias for .7344; break here aims for .7376, maybe key .7403.
  • But below .7275/70 opens risk down to the .7244/38/33 area.

Short/ Intermediate-term Range Parameters: We see the range defined by .7403 and .6867.

Range Breakout Challenge

  • Upside: Above .7403 aims higher for .7485, .7564 and .7744.
  • Downside: Below .6867 sees risk lower for .6800, .6676/64, .6572/41 and maybe as deep as .6343.

Daily NZDUSD Chart

nzdusd chart

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.


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