The Australian and New Zealand Dollars have maintained their bullish tone through mid-April. Having overcome further notable resistance levels versus the US Dollar, the bias is higher for AUDUSD and NZDUSD again through month-end.
A resilient, high level consolidation Wednesday after a strong upside follow-through to another new recovery high Tuesday, to build on the aggressive bullish outside Monday pattern to again leave a bull tone for Thursday.
For this week:
- We see an upside bias for .7828 and .7849; break here aims for .7878, maybe .7932.
- But below .7762/59 opens risk down to .7705/00.
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.
A corrective dip lower Wednesday, but holding initial support at .6955/50, a correction in reaction to the Tuesday extension through 6965/66/70 and 7000/09/12 resistances and the strong rebound from trend line support on Monday (off .6842) to leave the bias higher Thursday.
For this week:
- We see an upside bias through .7054 for .7100; break here aims for .7153.
- But below .6955/50 aims for .6905/00.
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 .6664 signals a neutral tone, only shifting negative below .6541.
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