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Near-term Setups in AUD/USD and NZD/USD

Near-term Setups in AUD/USD and NZD/USD

2018-08-09 23:56:00
Michael Boutros, Technical Strategist

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AUD/USD Daily Price Chart

AUD/USD Daily Price Chart

In my Weekly Technical Perspective on the Australian Dollar we noted that, “From a trading standpoint, we’re looking for a break of the 7327-7505 range for further guidance. I’ll continue to favor the long-side while within this range but ultimately a breach above 7500 would be needed to suggest a more significant low is in place”

Aussie has continued to consolidate within this zone with price turning sharply from resistance today. As it stands, the pair is poised to post an outside-day reversal and leaves the immediate threat lower against today’s highs. That said, we’re still only playing within the broader range as price continues to coil- stay nimble. Intraday trading levels remain unchanged from this week’s AUD/USD Technical Outlook.

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NZD/USD 240min Price Chart

NZD/USD 240min Price Chart

Yesterday we highlighted a key weekly support zone in Kiwi at 6663 heading into the RBNZ interest rate decision – price has made a decisive break below this threshold and the break of a multi-week consolidation pattern leaves the pair vulnerable to further losses while below 6700. Look for a weekly close sub-6660 to offer further conviction here.

Price is testing interim support here at the 1.618% extension at 6616- could get a near-term rebound here but looking to fade strength sub-6675 targeting the 76.4% retracement / triangle measured move at 6515/71.

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-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

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