fbpx

Australian and New Zealand Dollars Retain July Bullish Outlooks

AUDUSD Chart

  • Both the Australian and New Zealand Dollars have undergone corrective setbacks in early July, questioning the sustainability of intermediate term bullish trends evident from June.
  • However, recent recovery activity for both AUDUSD and NZDUSD has signalled likelihood for upside threats to continue into July.
  • For AUDUSD the key upside trigger will now be to push above the .7712/19 area to challenge .7750
  • For NZDUSD simply a break above the early July peak at .7346 would re-energise bullish threats.

AUDUSD – Upside bias

The Wednesday break above .7632 has switched the risk to the upside for Thursday.

Furthermore, this strong recovery activity has eased the July risk of a push below .7532, which would shift the intermediate term outlook from bullish to neutral.

For Today:

l We see an upside bias for .7683; break here aims for the .7712/19 area.

l But below .7639 opens risk down to .7584, maybe .7568.

Intermediate-term Outlook – Upside Risks:

l Whilst above .7532, we see a positive tone with the bullish threat to .7750.

l Above here targets the .7835/49/78 area.

What Changes This? Below .7532 signals a neutral tone, only shifting negative below .7368.

4 Hour Chart

AUDUSD Chart

NZDUSD – Rebound bias

A firm rebound on Wednesday ahead of the next support at .7194 (from .7198), rejecting the Tuesday sell-off through various trendline and other supports, shifting risk back higher Thursday.

Furthermore, the mid-June push through .7247 set a bullish outlook into early July.

For Today:

l We see an upside bias for .7281; break here aims for 1.7310, maybe to the .7346 peak.

l But below .7220 opens risk down to .7198/94, maybe .7181

Intermediate-term Outlook – Upside Risks:

l We see a positive tone with the bullish threat to .7376.

l Above here targets .7403 and .7485.

What Changes This? Below .7003 signals a neutral tone, only shifting negative below .6814.

4 Hour Chart

NZDUSD Chart

 

Read more Technical Analyses 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.


Popular Brokers