
- When we last looked at AUDUSD and NZDUSD spot FX rates here on 14th January we highlighted positive intermediate-term themes from early 2019 recoveries and intermediate-term bullish, technical shifts.
- Since then, both AUDUSD and NZDUSD currency pairs have been in corrective, consolidation mode, which leaves the very short-term threats skewed towards the downside.
- However, whilst AUDUSD holds above .7024 and NZDUSD is above .6626/12, we sustain intermediate-term bullish outlooks.
AUDUSD Downside bias intact
Another grind lower Wednesday through the .7114/07 support area, once more reinforcing the negative correction tone that has been developing since mid-January, keeping risks lower into Thursday.
The early January push above key .7149 set an intermediate-term bullish trend, BUT risk is growing for a shift to neutral below .7024.
For Today:
- We see a downside bias for .7100; break here aims for .7078 and maybe .7044.
- But above .7182 targets .7212, then maybe opens risk up to .7235 and .7247.
Intermediate-term Outlook – Upside Risks: We see an upside risk for .7247.
- Higher targets would be .7394 and .7500.
- What Changes This? Below .7024 shifts the outlook back to neutral; through .6916 is needed for a bear theme.
Resistance and Support:
.7182 | .7212 | .7235* | .7247* | .7276* |
.7100 | .7078 | .7044** | .7024*** | .7000* |
4 Hour AUDUSD Chart
NZDUSD Holding onto a negative tone
An unexpected bounce Wednesday to push above .6787/90 resistance, but to stall at new .6807 resistance and whilst below here we hang onto negative pressures the selloff from mid-January through various supports, keeping risks lower into Thursday.
The strong early January rally through .6790 set an intermediate-term bull trend, BUT risk is growing for a shift to neutral below .6626/12.
For Today:
- We see a downside bias for .6747; break here aims for .6703 and maybe opens risk down towards 6669.
- But above .6807 aims for .6844/49, maybe .6858 and even closer to .6880/93.
Intermediate-term Outlook – Upside Risks: We see an upside risk for .6880.
- Higher targets would be .6969 and .7000.
- What Changes This? Below .6626/12 shifts the outlook straight to a bear theme.
Resistance and Support:
.6807 | .6844/49* | .6858 | .6880/93** | .6912* |
.6747 | .6703* | .6669** | .6626/12*** | .6600 |
4 Hour NZDUSD Chart