Both the Australian and new Zealand Dollars continue to make upside headway versus the US currency into April, to maintain underlying bullish themes from Q1.
AUDUSD and NZDUSD dips have allowed modestly overbought momentum conditions to correct, whilst leaving support intact. This leaves the bias for new recovery highs for AUD and NZD vs. USD into the balance of April.
AUDUSD
Another push higher Wednesday, building on the rebound effort from early April (ahead of support at .7474, from .7489), to approach the key .7723/38 resistance area, and despite the setback from just below here (.7716), we still see the immediate risk higher Thursday.
For Thursday/ Friday:
- We see an upside bias for the key .7716/23/38 area; break here aims for .7800.
- But below .7620/15 opens risk down to .7525.
Short/ Intermediate-term Outlook – Upside Risks: The break above .7243 set a bull theme.
- We see a positive tone with the bullish threat to .7738.
- Above here targets.7849 and .8000.
What Changes This? Below .7411 signals a neutral tone, only shifting negative below .7106.
Daily AUDUSD Chart
NZDUSD
Another advance through midweek (as expected), building on the early April rebound from above support at .6748 (from .6755) to approachable latter March peaks at .6955/66 and retrace barrier at .6970, and despite a setback from ahead of here, we still see the bias higher Thursday.
For Thursday/ Friday:
- We see an upside bias through .6952/65/66/70; break here aims for .7000.
- But below .6870/65 opens risk down to .6802.
Short/ Intermediate-term Outlook – Upside Risks:
- We see a positive tone with the bullish threat to .7000/12.
- Above here targets .7232 and .7396/7413.
What Changes This? Below .6572 signals a neutral tone, only shifting negative below .6541.
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Daily NZDUSD Chart
