AUDUSD and NZDUSD remain within broader range environments on an intermediate-term basis, but erratic activity into the end of March also leaves a very short-term, non-trend consolidation theme.
For NZDUSD, we continue to see a slightly positive bias within the broader non-trend environment that is dominated so far in 2017.
AUDUSD also retains a positive outlook within the intermediate-term range, but with a heightened risk of a bullish shift, but only triggered above .7778.
NZDUSD
A dip below our .6988 initial support Friday, but another rebound from ahead of .6964 (from .6876) signals a positive bias from the Wednesday bullish Hammer-type candlestick pattern, keeping upside risks Monday.
Moreover, we see reduced risk of an intermediate-term bearish shift below .6867.
For Today:
- We see an upside bias for .7045, then the .7090/7100 area; break here aims for .7131.
- But below .6976 opens risk down to .6964, maybe down towards .6915.
Intermediate-term Range Parameters: We see the range defined by .7403 and .6867.
Range Breakout Challenge
- Upside: Above .7403 aims higher for .7485, .7564 and .7744.
- Downside: Below .6867 sees risk lower for .6800, .6676/64, .6572/41 and maybe as deep as .6343.
Daily NZDUSD Chart
AUDUSD
A dip just below minor support at.7626 Friday, but a bounce from .7622 reinforces the Tuesday bullish outside daily pattern, leaving a positive tone into Monday.
Furthermore, the bigger threat remains for a push above .7778, which would see an intermediate-term bullish shift.
For Today:
- We see an upside bias for .7685; break here aims for .7719, maybe .7750.
- But below .7622 opens risk down to .7583.
Intermediate-term Range Parameters: We see the range defined by .7487 and .7778.
Range Breakout Challenge
- Upside: Above .7778 aims higher for .7835/49/78 and .80000.
- Downside: Below .7487 sees risk lower for .7155/41/06, .6971 and maybe .6825.
Daily AUDUSD Chart
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