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NZDUSD and AUDUSD Questioning Bull Trends

Technical Analysis

The New Zealand and Australian Dollars has both suffered notable erosion versus the US Dollar over the past week (since mid-July) to question the intermediate-term bull trends.

However, whilst NZDUSD hold above .6960 and AUDUSD hold above .7403 , the technical bias is still to the upside through latter July and into August.

However, surrender of theses supports, would see an intermediate-term shift to broader, neutral, range trading environments.

NZDUSD

Again a negative tone Wednesday, to reject the Tuesday intraday bounce effort and again to reinforce the Friday push below .7176 and .7132 supports, to keep a downside threat Thursday.

However, the mid-July new cycle high posted above .7298 leaves the intermediate-term outlook for latter July still bullish (whilst above .6960).

For Thursday:

  • We see a downside bias for .7006; break here aims for .7077/70 and key .6960! Break targets .6945/25 area.
  • But above .7068 opens risk up to .7123/25, maybe .7154.

Short/ Intermediate-term Outlook – Upside Risks: A previous shift to an intermediate-term bullish tone above .7054.

  • We see a positive tone with the bullish threat to 7298.
  • Above here targets .7396/7413 and .7564.

What Changes This? Below .6960 signals a neutral tone, only shifting negative below .6676.7396/7413

Daily NZDUSD Chart

NZDUSD

AUDUSD

Another push lower Wednesday, below 7472 and .7467/66 to reinforce the Tuesday surrender of .7556 and .7518/10 supports and bearish outside Friday pattern, to leave further downside risk Thursday.

For Thursday:

  • We see a downside bias for .7458; break here aims for key .7403.
  • But above .7517 opens risk up to .7606.

Short/ Intermediate-term Outlook – Upside Risks: The new recovery high in mid-July signalled an intermediate-term bullish shift above .7648.

  • We see a positive tone with the bullish threat to .7676 and .7719.
  • Above here targets .7835/49/78 and .8000.

What Changes This? Below .7403 signals a neutral tone, only shifting negative below .7284.

Daily AUDUSD Chart

AUDUSD

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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