- We last looked at the AUDUSD and NZDUSD currency pairs here
on 20 th May highlighting
intermediate-term bear trends.
- The rebounds seen in late May, however, have begun to question these bear
- An AUDUSD Forex rate push above .6959 would signal an intermediate-term
shift to neutral, with a similar shift seen by the NZDUSD FX rate through
AUDUSD bias flips higher, risk above key .6959
A firm rebound Friday from just below our .6899 support level (off of .6897) and to probe just through the .6937/38 recent consolidation peaks, to the negative consolidation tone, to try to build on the latter May reversal above the down trend line from mid-April, to switch risks higher into Monday.
The early February push .7073 set an intermediate-term bear trend, BUT with growing risks for an intermediate-term shift to neutral above .6959.
- We see an upside bias for .6944 and key .6959; break here aims for .6986.
- But below .6899/97 opens risk down to .6863/62.
Intermediate-term Outlook – Downside Risks: We see a downside risk for .6916.
- Lower targets would be .6829 and .6738
- What Changes This? Above .6959 shifts the outlook back to neutral; above .7048 is needed for a bull theme.
4 Hour Chart
NZDUSD possible base above .6559
A setback and rebound Friday from above the cycle low at .6480, to push above modest .6532 resistance for a passable basing formation attempt, to build on the latter May recovery above the down trend line from March and flip the bias higher into Monday.
The April push below .6716 set an intermediate-term bear theme, BUT with growing risks for an intermediate-term shift to neutral above .6559.
- We see an upside bias for .6547 and key .6559; break here aims for .6591.
- But below .6495/93 opens risk down to .6480 and .6471.
Intermediate-term Outlook – Downside Risks: We see a downside risk for .6347 and .6195
- What Changes This? Above .6559 shifts the outlook back to neutral; above .6653 is needed for a bull theme.
4 Hour Chart
Forextraders' Broker of the Month
ForexTB is generally considered a reliable and reputable firm. It offers a variety of desirable features and attracts traders from all over Europe. The brokerage is fully regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC) and is fully compliant with the European Securities and Markets Authority (ESMA). Customer reviews are usually positive, and independent industry websites that have reviewed ForexTB have concluded that the broker is safe...