The Australian and New Zealand Dollars are still defined by broader ranges against the US Dollar into late November and likely for early December.
However, resilient price action over the past week has shifted the very near term bias from negative to a more constructive tone with the focus on resistances late this week.
AUDUSD
The bull rebound last week from .7070/67 support and the Tuesday-Wednesday push up through .7250/69 leaves risk higher for Thursday.
But, we still see a broader range theme for November and likely into December.
For This Week:
- We see an upside bias for .7283; break here aims for .7297/7307.
- But below .7222 opens risk down to .7189.
Short/ Intermediate-term Range Parameters: We see the broader range defined by .6936 and .7382.
Range Breakout Challenge
- Upside: Above .7382 aims higher for .7440/99 and .7681.
- Downside: Below .6936 sees risk lower for 6894, .6857 and .6645.
Daily AUDUSD Chart
NZDUSD
Early November losses through .6615 completed a top, for a broader range theme this month and likely into December.
A firm tone Wednesday, after the bull rebound last week and another bounce this week (from .6493), sets a bull tone for Thursday.
For This Week:
- We see an upside bias for .6606; break here aims for .6625/42, which we would look to try to cap.
- But below .6543 opens risk down to .6493, which we would look to try to hold.
Short/ Intermediate-term Range Parameters: We see the range defined by .6897 and .6232.
Range Breakout Challenge
- Upside: Above .6897 aims higher for .6924/30 and .7000/09/12.
- Downside: Below .6232 sees risk lower for .6154 and .6000.
Daily NZDUSD Chart
