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AUD/USD & NZD/USD Down to Lowest Price in a Decade – Possible Reversal Signals

AUD/USD & NZD/USD Down to Lowest Price in a Decade – Possible Reversal Signals

2019-10-01 14:28:00
Mahmoud Alkudsi, Analyst
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AUD/USD, NZD/USD Charts and Analysis

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AUD/USD, NZD/USD – Lowest Price in 10 Years

Today, AUD/USD resumed bearish price action after breaking below the level discussed in our last update. Later, the price pressed below the Aug 7 low (monthly support) at 0.6677 printing its lowest level in 10 years at 0.6672. Similarly, NZD/USD printed 0.6203 – its lowest level in 10 years.

Since Sep 24, the Relative Strength Index (RSI) has been leaning to the downside highlighting the bearish outlook of both pairs.

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AUD/USD DAILY PRICE CHART (March 15, 2018 – Oct 1, 2019) Zoomed Out

AUDUSD price daily chart 01-10-19 Zoomed out

AUD/USD DAILY PRICE CHART (June 21 – Oct 1, 2019) Zoomed IN

AUDUSD price daily chart 01-10-19 Zoomed in

Looking at the daily chart, we notice AUD/USD sellers failed in multiple occasions at forcing a close below 0.6744. Today, the price declined to a lower trading zone 0.6631 – 0.6744, eyeing a test of the low end of the zone.

Thus, a close below the low end could cause more bearishness towards 0.6594. See the chart (zoomed in) to know more about AUDUSD lower trading zone with yearly support level to be considered.

On the flip-side, any pull back and close above the high end of the trading zone may push AUDUSD towards 0.6826 contingent on clearing the daily resistance level underlined on the chart.

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NZD/USD DAILY PRICE CHART (June 15, 2017 – Oct 1, 2019) Zoomed Out

NZDUSD price daily chart 01-10-19 zoomed out

NZD/USD DAILY PRICE CHART (July 24 – Oct 1, 2019) Zoomed In

NZDUSD price daily chart 01-10-19 zoomed in

From the daily chart, we notice the buyer’s failure to keep rallying NZD/USD. Yesterday, the pair resumed bearish price action and today, the pair has fallen to a lower trading zone 0.6236 – 0.6136.

Thus, a close below the high end of the zone could send NZDUSD towards the low end. Nonetheless, the yearly support level underscored on the chart (zoomed in) should be monitored.

That said, any close above the high end of the zone could push NZDUSD towards the vicinity of 0.6438-51 contingent on clearing the daily and weekly resistance levels marked on the chart.

It’s worth noting the bullish divergence between the price and RSI as between Sep 3 and Sep 20 the price created a low with a lower low meanwhile the oscillator created a low with a higher low for the same timeframe, indicating that buyers may be on the way take charge of the market.

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.

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