AUD/USD, NZD/USD Price Forecast: Aussie and Kiwi Dollar – Levels to Consider
AUD/USD, NZD/USD Charts and Analysis
AUD/USD, NZD/USD – Trading Lower
Last week , Aussie and Kiwi Rattled by a stronger USD. AUD/USD close the weekly candlestick with a 1.6% loss. Meanwhile, NZD/USD printed its lowest level in nearly four years at 0.6255 and closed on Friday with 1.8% loss. This week, the market rallied slightly with sellers likely taking profit.
Alongside this, the Relative Strength Index (RSI) fell sharply from 60 to 39 on AUD/USD indicating that uptrend momentum has come to an end. With Regards to NZD/USD the oscillator tested on Friday oversold territory reflecting the strength of downtrend momentum.
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AUD/USD DAILY PRICE CHART (July 15, 2018 – Sep 24, 2019) Zoomed Out
AUD/USD DAILY PRICE CHART (June 21 – Sep 24, 2019) Zoomed IN
Looking at the daily chart, we notice on Sep 19 AUD/USD declined to a lower trading zone 0.6826 – 0.6904 eyeing a test of the low end of it.
Thus, a close below the low end could see further bearish move towards 0.6631. However, the weekly support area and level marked on AUDUSD chart (zoomed in) would be worth monitoring.
That said, any failure in closing below the low end could shift AUDUSD direction to the upside towards the high end of the zone. Further close above the high end could push AUDUSD towards 0.6904. Although, the weekly resistance area and levels underlined on the chart should be watched along the way.
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NZD/USD DAILY PRICE CHART (April 15, 2017 – Sep 24, 2019) Zoomed Out
NZD/USD DAILY PRICE CHART (June 21 - Sep 24, 2019) Zoomed In
From the daily chart, we notice on Sep 12 NZD/USD reversed direction after a series of failed attempts to move to higher trading zone. Sellers took advantage of buyer’s hesitation and pressed the price lower eyeing a test of the low end of Current trading zone 0.6236 – 0.6438.
Hence, a close below the low end of the zone could see NZDUSD trading towards 0.6136. Although weekly support level underlined on the chart (zoomed in) should be monitored closely. See the chart to know more about lower support level price would face in a further bearish move.
On the flip side, any close above 0.6450 could push NZDUSD towards 0.6555. In that scenario, buyers need to pay a close attention on the weekly resistance levels underscored on the chart.
Written By: Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkudsi
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.