A more negative tone for the Australian and New Zealand Dollars against the US Dollar over the past week, to reinforce broader range environments.
However, the break of notable support factors by AUDUSD and NZDUSD, leaves bias for a more bearish shift for these spot rates into November.
AUDUSD
A far more bearish tone with a break Friday below .7064/63 support, after a recovery failure since RBA, to leave a bear tone into Monday.
This maintains the broader range theme into early November, but with bias to the lower end of the range and threaten a bear shift below .6936.
Short/ Intermediate-term Range Parameters: We see the broader range defined by .6936 and .7382.
Range Breakout Challenge
- Upside: Above .7382 aims higher for .7440/99 and .7681.
- Downside: Below .6936 sees risk lower for 6894, .6857 and .6645.
Daily AUDUSD Chart
NZDUSD
Friday losses have reinforced the early November push through .6615 (as we had predicted) that completed a top, for a shift to a broader range theme.
Furthermore, the Friday plunge through the .6568 retrace support, sets a still bearish bias for Monday.
Short/ Intermediate-term Range Parameters: We see the range defined by .6897 and .6232.
Range Breakout Challenge
- Upside: Above .6897 aims higher for .6924/30 and .7000/09/12.
- Downside: Below .6232 sees risk lower for .6154 and .6000.
Daily NZDUSD Chart
