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NZDUSD Aims South, but AUDUSD Looks North


Midweek technical analysis for NZD USD and AUD USD. The NZDUSD spot FX rate has continued its negative theme this week, reinforcing bearish pressures evident since the RBNZ meeting in early February, setting the threat for further downside activity into March.

In contrast, the AUDUSD forex rate has been resilient, in a firm consolidation this week, after a strong rally so far this year. This leaves the skewed threat for further upside extension activity for late February and for March.

NZDUSD

A negative consolidation Wednesday, capped below resistances at . 7197 and a better level at .7242, whilst the Tuesday prod down through support at .7131 (to .7125), maintains negative pressures from the February sell off keeping the risk lower Thursday.

Furthermore, the threat has eased for an intermediate-term bullish shift above .7403.

For Today:

  • We see a downside bias for .7125; break here aims for the .7113/7092 area and maybe down to .7072/67.
  • But above .7197 opens risk up to .7242.

Short/ Intermediate-term Range Parameters: We see the range defined by .7403 and .6867.

Range Breakout Challenge

  • Upside: Above .7403 aims higher for .7485, .7564 and .7744.
  • Downside: Below .6867 sees risk lower for .6800, .6676/64, .6572/41 and maybe as deep as .6343.

4 Hour NZDUSD Chart

4 hour nzdusd chart

AUDUSD

Yet another consolidation Wednesday, still holding above .7632 and better support at .7615/02, leaving upside pressures from the mid-February cycle high and keeping risks higher Thursday.

Furthermore, the threat into February remains for a push above .7778, which would see an intermediate-term bullish shift.

For Today:

  • We see an upside bias for .7710/15; break here aims for .7732/42, maybe up to key .7778.
  • But below .7632 opens risk down to .7615/02, maybe .7547.

Short/ Intermediate-term Range Parameters: We see the range defined by .7155 and .7778.

Range Breakout Challenge

  • Upside: Above .7778 aims higher for .7835/49/78 and .80000.
  • Downside: Below .7155 sees risk lower for .7141, .7106, .6971 and maybe .6825.

Daily AUDUSD Chart

audusd chart

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