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AUDUSD and NZDUSD Retain Bearish Outlooks into December

audusd chart

  • The US dollar has had a mixed performance across G10 currencies in November, notably losing ground versus the Euro, Japanese Yen and GB Pound
  • However, despite modest US$ losses in the latter part of November against the Dollar bloc currencies (AUD, NZD and CAD), we still ultimately see the bias for AUDUSD and NZDUSD as lower on an intermediate-term outlook against the US currency.

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AUDUSD Upside bias

A resilient tone Friday to prod at .7635 resistance after a solid rebound Thursday through .7608, further rejecting immediate negative pressures from the mid-November sell off through notable support at .7568, keeping the bias higher for Monday.

However, the mid-November negative price action has re-energised the intermediate-term bearish theme.

For Today:

  • We see an upside bias for .7635/38, maybe .7666; break here aims towards .7700.
  • But below .7581 opens risk down to .7533/32.

Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat to .7532 and .7331.
  • Below here targets the .7155/41 area.

What Changes This? Above .7986 signals a neutral tone, only shifting positive above .8125.

Resistance and Support:

.7635/38 .7666 .7700* .7730** .7769*
.7533/32** .7516 .7495 .7453 .7412

4 Hour AUDUSD Chart

audusd chart

 

NZDUSD Positive correction tone

A resilient digestion above initial support at .6864 Friday, sustaining a positive correction tone from Thursday’s solid rebound through resistances at .6856 and.6882/83, rejecting immediate downside forces from the November down leg of the entire bear move from July, keeping the bias higher for Monday.

The early October break of .7128 set an intermediate-term bearish outlook, reinforced through .7049.

For Today:

  • We see an upside bias for .6905 and .6916; break here aims for .6938.
  • But below .6864 opens risk down to .6818.

Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat to .6676/64.
  • Below here targets .6541 and .6343.
  • What Changes This? Above .6980 signals a neutral tone, only shifting positive above .7211.

Resistance and Support:

.6905 .6916* .6938 .6980*** .7003/04**
.6864 .6818 .6778** .6755 .6705

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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