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Australian Dollar More Bullish as NZDUSD Shifts Negative

audusd chart

AUDUSD – Bullish threat

A spike higher Friday through resistance at .7954 to reinforce the Thursday rebound from ahead of strong support at .7864 (from .7868), highlighting a still more positive tone into Monday.

Furthermore, the robust July advance through the psychological/option target at .8000 reinforced the intermediate term bullish outlook.

For Today:

l We see an upside bias for .7995/96; break here aims for .8043

l But below .7919 opens risk down to the .7868/64 area.

Intermediate-term Outlook – Upside Risks:

l We see a positive tone with the bullish threat to the 2015 high at .8164.

l Above here targets .8295 and the .8452/82 area.

What Changes This? Below .7784 signals a neutral tone, only shifting negative below .7568.

4 Hour AUDUSD Chart

audusd chart

NZDUSD – Negative tone

A negative consolidation Friday to sustain negative pressures from the Thursday push lower through support at .7188 and the .7169/64 area, maintaining the threat lower into Monday.

Furthermore, the recent push down below the July low at .7198 signalled an intermediate shift from bullish to neutral.

For Today:

l We see a downside bias for .7128 and .7121; break here aims for .7105 and .7054.

l But above .7210 opens risk up to .7299/7300.

Intermediate-term Range Parameters: We see the range defined by .7558 and .7003.

Range Breakout Challenge

l Upside: Above .7558 aims higher for. 7744 and .8000/45 area.

l Downside: Below .7003 sees risk lower for .6814.

4 Hour NZDUSD Chart

nzdusd chart

 

Check out more technical forex analysis here.

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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