NZDUSD Bullish and AUDUSD Positive Within a Range
The Antipodean currencies have retained a relatively positive tone versus the US Dollar since early June, with the New Zealand Dollar in particular signalling a resurgence of a bullish trend.
Although AUDUSD is within a broader range environment, the resilient rebound post the FOMC Meeting on Wednesday 15thJune leaves a positive AUDUSD tone within the non-trend environment.
A bullish outside pattern Wednesday has rejected the corrective setback earlier this week, up through .7054 resistance to maintain the bigger picture bullish trend and also leave an upside bias for Thursday.
The previous surging rally above .7054, in reaction to the 09/06 RBNZ announcement, produced a shift to an intermediate-term bullish view.
- We see an upside bias for .7071 and .7085; break here aims for .7114.
- But below .7011 opens risk down to .6963.
Short/ Intermediate-term Outlook – Upside Risks: A shift to an intermediate-term bullish tone above .7054.
- We see a positive tone with the bullish threat to 7232/72.
- Above here targets 7396/7413 and .7564.
What Changes This? Below .6888 eases bull risks; through .6800 signals a neutral tone, only shifting negative below .6676.
Daily NZDUSD Chart
An unexpected rebound Wednesday both before and after the FOMC Meeting, to overcome .7411/20 resistance to reinforce the intermediate-term range theme and an upside bias Thursday.
The previous push above .7402 negated the intermediate-term bear trend for an intermediate-term neutral range theme.
- We see an upside bias for .7446 and .7471; break here aims for .7504.
- But below .7358 opens risk down to .7327.
Short/ Intermediate-term Range Parameters: We see the range defined by .7719 and .7141.
Range Breakout Challenge
- Upside: Above .7719 aims higher for .7835/49/78 and .8000.
- Downside: Below .7141 sees risk lower for .7106/.7000/.6971 and .6825.