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AUDUSD and NZDUSD Still Aiming Higher

Technical Analysis

The Australian and New Zealand Dollars have maintained their bullish tone through mid-April. Having overcome further notable resistance levels versus the US Dollar, the bias is higher for AUDUSD and NZDUSD again through month-end.

AUDUSD

A resilient, high level consolidation Wednesday after a strong upside follow-through to another new recovery high Tuesday, to build on the aggressive bullish outside Monday pattern to again leave a bull tone for Thursday.

For this week:

  • We see an upside bias for .7828 and .7849; break here aims for .7878, maybe .7932.
  • But below .7762/59 opens risk down to .7705/00.

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

NZDUSD

A corrective dip lower Wednesday, but holding initial support at .6955/50, a correction in reaction to the Tuesday extension through 6965/66/70 and 7000/09/12 resistances and the strong rebound from trend line support on Monday (off .6842) to leave the bias higher Thursday.

For this week:

  • We see an upside bias through .7054 for .7100; break here aims for .7153.
  • But below .6955/50 aims for .6905/00.

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 .6664 signals a neutral tone, only shifting negative below .6541.

Daily NZDUSD Chart

NZDUSD

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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