AUDUSD joins NZDUSD with intermediate-term bullish shift

Chris Lee

Author: Chris Lee

Published:
Updated:

  • In our last report here on the AUDUSD and NZDUSD spot Forex rates on 5th November we highlighted the risk that AUDUSD would join NZDUSD with an intermediate-term bullish shift.
  • The strong AUDUSD advance above .7315 has produced an intermediate-term bullish shift, which remains intact, despite a more recent corrective setback.
  • NZDUSD has pushed still higher since our last report, reinforcing the prior surge through the .6618 swing peak that established an intermediate-term bullish theme, and again, despite a setback late last week, the outlook remains bullish through month-end into December.

 

AUDUSD Holding onto a positive tone

A setback Friday below minor support at .7231/24 but holding above the low from the strong midweek rebound at .7200, thereby sustaining bullish forces from the mid-November push above key .7315 resistance, to keep the bias higher Monday.

The strong mid-November advance through key .7315 peaks set an intermediate-term bull trend.

For Today:

  • We see an upside bias for .7277; break here aims for .7235 and maybe .7338.
  • But below .7216 opens risk down to .7200 and maybe .7185.

Intermediate-term Outlook – Upside Risks: We see an upside risk for .7484.

  • Higher targets would be .7668, .7813 and maybe .8000
  • What Changes This? Below .7161 shifts the outlook back to neutral; through 70.18 is needed for a bear theme.

Resistance and Support:

.7277 .7325 .7338 .7362* .7382*
.7216 .7200* .7185 .7161*** .7149

4 Hour AUDUSD Chart

audusd chart

NZDUSD Clinging to an upside bias

Another dip Friday through .6785/78, but whilst holding at .6748 we hang onto upside forces from the mid-November push through the .6851/58 July resistance peaks, to aim higher Monday.

The early November aggressive surge above .6618 set an intermediate-term bull trend.

For Today:

  • We see an upside bias for .6820; a break here targets .6854, .6870 and .6884, maybe .6900.
  • But below .6762 targets .6748, maybe towards .6705/04.

Intermediate-term Outlook – Upside Risks: We see an upside risk for be .7060.

  • Higher targets would be .7437 and .7558.
  • What Changes This? Below .6629 shifts the outlook from bullish to neutral and only through .6461 to a bear theme.

Resistance and Support:

.6820 .6854 .6870 .6884* .6900
.6762 .6748 .6705/04* .6662* .6629***

4 Hour NZDUSD Chart

nzdusd chart