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AUDUSD and NZDUSD Intermediate-Term Bull Theme Re-Energized

audusd chart

  • In our most recent review on 24th January of both the AUDUSD and NZDUSD Forex rates we highlighted very short-term corrective, consolidation activity, but retained intermediate-term bullish themes.
  • Subsequently, US Dollar weakness from a more dovish tone from the FOMC has seen major currencies rallying against the Greenback.
  • This has allowed both AUDUSD and NZDUSD to re-energize to the upside and leaves both currency pairs aiming higher into February.

 

AUDUSD bull trend intact

A Friday dip to prod at initial support at .7238, but holding at .7234, sustaining bull forces from Thursday’s solid push up through .7276 resistance from December, plus from Wednesday’s surge higher after the FOMC statement through the 2019 peak at .7235, keeping risks higher into Monday.

The early January push above key .7149 set an intermediate-term bullish trend.

For Today:                                                        

  • We see an upside bias for .7284 and .7295/7301; break here aims for .7301, then maybe .7356 and even .7394.
  • But below .7238/34 aims for .7178 and maybe opens risk down to .7136.

Intermediate-term Outlook – Upside Risks: We see an upside risk for .7394 and .7500.

  • What Changes This? Below .7073 shifts the intermediate-term outlook straight to a bear theme.

Resistance and Support:

.7284 .7295/7301 .7356 .7394** .7417
.7238/34 .7178* .7136 .7073* .7044**

4 Hour AUDUSD Chart

audusd chart

NZDUSD still a bull theme

A dip Friday but holding above the .6883 initial, modest support; maintaining positive forces from Thursday’s firm upside follow-through above resistances at .6912 and .6930, after Wednesday’s strong advance after the Fed through .6872 and the .6880/93 resistance area, keeping risks higher into Monday.

The strong early January rally through .6790 set an intermediate-term bull trend.

For Today:

  • We see an upside bias for .6942 and the .6969 cycle high; break here aims for psychological/ option target at .7000, maybe .7033 and even ,7056.
  • But below .6883 aims for the .6819/13.

Intermediate-term Outlook – Upside Risks: We see an upside risk for .6969 and .7000.

  • Above aims for the .7395/7437 area.
  • What Changes This? Below .6703 shifts the intermediate-term outlook straight to a bear theme.

Resistance and Support:

.6942 .6969** .7000** .7033 .7056
.6883 .6819/13** .6745* .6703** .6669**

4 Hour 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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