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.
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.
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.
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.
Check out more technical forex analysis here.