The New Zealand and Australian Dollars have produced more positive shifts over the past week since early June, which has seen a change in direction bias into mid-June for both NZDUSD and AUDUSD.
NZDUSD had previously been pointing to a bearish resolution to the current range theme, but the risk has now shifted for a bullish shift (which would be signalled above .7054).
In addition, the AUDUSD bear theme has been revered for a broader range theme. However, the very near term bias is to the upside within the intermediate-term range.
A firm advance Wednesday to push above .6997 and probe into the .7025/30 resistance area to reinforce the dip and firm bounce Tuesday (as also seen Monday) from above .6875/70 support (off of .6888) and the Friday surge (after the US Employment report), to keep a bullish bias Thursday.
Strong risk is now for a shift to an intermediate-term bullish tone above .7054.
- We see an upside bias through .7025/30; break here aims for critical .7054.
- But below .6970 aims for .6945/25 and opens risk down to .6888.
Short/ Intermediate-term Range Parameters: We see the broad range defined by .7054 and .6664.
Range Breakout Challenge
- Upside: Above .7054 aims higher for .7232 and .7396/7413.
- Downside: Below .6664 sees risk lower for .6572/41, .6418 and .6343.
Daily NZDUSD Chart
A probe higher Wednesday to nudge above.7478 resistance to reinforce the strong extension rally Tuesday through the key .7402 level (for an intermediate-term shift from bearish to neutral) and to maintain an upside bias into Thursday.
- We see an upside bias for .7481; break here aims for .7517 and maybe .7550/60.
- But below .7427 opens risk down to .7358.
Short/ Intermediate-term Range Parameters: We see the range defined by .7719 and .7141.
Range Breakout Challenge
- Upside: Above .7719 aims higher for .7835/49/78 and .8000.
- Downside: Below .7141 sees risk lower for .7106/.7000/.6971 and .6825.
Daily AUDUSD Chart
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