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Both NZDUSD and AUDUSD correcting higher, but in bear trends

NZDUSD Chart

NZDUSD – Upside correction bias

A solid rebound from above support at .6876 on Friday reinforces the previous rebound from here from ahead of support at .6845 (from .6876), keeping risk higher again Monday.

However, the late April push down below .6867, produced an intermediate-term shift to bearish.

For Today:

l We see an upside bias for .6950; break here aims for .6969, maybe .7000 and .7015.

l But below .6876 opens risk down to .6845 and maybe .6814.

Intermediate-term Outlook – Downside Risks:

l We see a negative tone with the bearish threat to .6800 and .6676/64.

l Below here targets .6572/41 and maybe as deep as .6343.

What Changes This? Above .7053 signals a neutral tone, only shifting positive above .7247.

4 Hour NZDUSD Chart

NZDUSD Chart

AUDUSD – Positive correction tone

A prod Friday just above the .7467 resistance level, reinforcing the rebound late last week from initial support now seen at .73 84/78, sustaining upside pressures and aiming higher again into Monday.

However, the early April push down through .7487 produced an intermediate-term bearish shift.

For Today:

l We see an upside bias through .7467/70; break here aims for .7495.

l But below .7384/78 opens risk down to .7331.

Intermediate-term Outlook – Downside Risks:

l We see a negative tone with the bearish threat to .7283/79.

l Below here targets .7155/41/06 area, .7000 and .6971.

What Changes This? Above .7778 signals a bullish tone.

4 Hour AUDUSD Chart

AUDUSD Chart

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