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Both NZDUSD and AUDUSD stay bearish

nzdusd

  • The broad US dollar strength that was seen in October has faded in November, particularly with the USD weakening within G3, against the Euro and Japanese Yen.
  • BUT, the US$ has stayed firm against the Dollar bloc currencies of AUD, NZD and CAD.
  • For NZDUSD, early November upside correction activity has run its course, leaving bearish pressures from the bigger down trend from the summer.
  • This leaves a NZDUSD bear trend extension bias through mid-November.
  • Similarly, for AUDUSD, the bear trend evident from September has re-energized in the past week with surrender of the late October low.
  • Again, the threat for the balance of the month (and maybe into December), is for a far deeper bear move extension.

Read all technical analyses and forecasts

NZDUSD Downside pressures intact

A rebound failure Wednesday, stalling below initial resistance at .6938, reinforcing Tuesday’s plunge through supports at .6889 and .6871 and Monday’s surrender of the November upward counter trend line, aiming lower again Thursday.

The early October break of .7128 set an intermediate-term bearish outlook, reinforced through .7049.

For Today:

  • We see a downside bias for .6841; break here aims at critical support at .6814, maybe then .6800.
  • But above .6938 opens risk up to towards key .6980.

Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat to .6814.
  • Below here targets .6676/64, .6541 and .6343.
  • What Changes This? Above .6980 signals a neutral tone, only shifting positive above .7211.

Resistance and Support:

.6938 .6980*** .7003/04** .7056 .7105
.6841 .6814*** .6800** .6755 .6705

4 Hour NZDUSD Chart

nzdusd

AUDUSD Bear trend extending

Again, a still more negative theme Wednesday as expected breaking the .7607/02 support area, sustaining Tuesday’s pushing through the late October/early November lows (.7624/22), re-energising the intermediate-term bearish theme and aiming lower again Thursday.

For Today:

  • We see a downside bias for notable support in the .7573/68 area; through here targets another import at level at .7532, maybe .7516.
  • But above .7635 opens risk up to .7666, maybe .7700.

Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat to .7568, maybe towards .7331.
  • Below here targets the .7155/41 area.

What Changes This? Above .7986 signals a neutral tone, only shifting positive above .8125.

Resistance and Support:

.7635 .7666 .7700* .7730** .7769
.7573/68** .7532** .7516 .7495 .7453

4 Hour AUDUSD Chart

 audusd

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