AUDUSD and NZDUSD Aim Higher

Intermediate

The Australian and New Zealand Dollars have boasted strong recovery efforts in 2017 versus the US Dollar, primarily a reaction to corrective weakness by the US currency.

For AUDUSD, this has seen a push above the December peak at .7525, which is neutralised intermediate-term bearish pressures, shifting to a broader range environment, but with a bullish tone into late January.

Although NZDUSD has yet to overcome the equivalent of December peak at .7239, intermediate-term bearish pressures have been significantly eased, with the risk up through .7239 for a switch to a broader range environment. Furthermore, the NZDUSD bias also remains to the upside into the end of this month.

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AUDUSD

Another new recovery high Friday above resistance at .7581, and despite a dip, support at .7489 is untouched, leaving the risk to the upside Monday.

Furthermore, the mid-January push above .7525, shifted the intermediate-term outlook from bearish to neutral.

Growing risk into February is for a push above .7778, which would see an intermediate-term Bullish shift.

For Today:

  • We see an upside bias for .7588; break here aims .7630.
  • But below .7489 opens risk down to .7461, maybe .7425.

Short/ Intermediate-term Range Parameters: We see the range defined by .7155 and .7778.

Range Breakout Challenge

  • Upside: Above .7778 aims higher for .7835/49/78 and .80000.
  • Downside: Below .7155 sees risk lower for .7141, .7106, .6971 and maybe .6825.

 

Daily AUDUSD Chart


AUDUSD Chart

NZDUSD

A spike higher to a new rebound high Friday (.7225) and despite a setback, initial support at .7113 is intact, maintaining bullish pressures from the strong Tuesday rally from a platform in .7072/67 area, keeping upside pressures into Monday.

Furthermore, the still growing threat is for a push-up through .7239, which would shift the intermediate term outlook from bearish to neutral.

For Today:

  • We see an upside bias for .7225; break here aims for critical .7239, maybe up to .7307.
  • But below .7113 opens risk down to .7092, maybe .7072/67.

Short/ Intermediate-term Outlook – Downside Risks:

  • Whilst below .7239, we see a negative tone with the bearish threat to .6800.
  • Below here targets .6676/64, .6572/41 and maybe as deep as .6343.

What Changes This? Above .7239 signals a neutral tone, only shifting positive above .7403.

 

Daily NZDUSD Chart

NZDUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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