We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/PTk2I1Z0v6
  • LIVE IN 30 MIN: Senior Currency Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET / 3:00 AM GMT to prepare for the week ahead in trading $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/pUWqBnuatw
  • Seems like the "risk-on" tone can be traced to Japan confirming the test of an anti-flu drug on #coronavirus patients. Then South Korea reported 60 further Wuhan virus cases which is less than the 70 increase prior. #SPX futures up, $USDKRW down 0.8% - https://t.co/b7T88yZC9N https://t.co/oxibKzBgKc
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/3Huj8B49nO
  • S&P 500 futures rising approximately one percent early into Asia's Tuesday trading session despite growing number of #coronavirus cases
  • South Korea 🇰🇷 confirms 60 more coronavirus cases bringing the total to 893 with global infections at 79,562.
  • Here is a #CrudeOil chart for context. A daily close under 49.42 opens the door to downtrend resumption towards lows from 2016/2017 where along the path, #oil will encounter multiple Fib extensions at 48.26, 46.34 and 44.43. Closing above 54.45 may shift the outlook bullish https://t.co/ru3N9c0Zrk
  • #Covid_19 pressuring European markets after Euro Stoxx plunged 3.5% and caused CDS spreads on the 75 most liquid sub-investment grade corporate entities to widen to multi-month highs. https://t.co/MLP06wYYJf
  • South Korea says it is drafting a supplementary budget as soon as possible according to state news agency Yonhap (BBG)
Aussie & Kiwi to USD Price: AUD/USD, NZD/USD - Reversal Patterns to Monitor

Aussie & Kiwi to USD Price: AUD/USD, NZD/USD - Reversal Patterns to Monitor

2019-10-15 14:00:00
Mahmoud Alkudsi, Market Analyst
Share:

AUD/USD, NZD/USD Charts and Analysis

Did we get it right with our Gold and USD Dollar forecasts? Find out more for free from Q4 main currencies and commodities forecasts

AUD/USD, NZD/USD – Sellers May come back

Last week, US Dollar softened slightly against Australian and New Zealand Dollars. On Friday, AUD/USD closed in the green with a 0.3% gain. Meanwhile, NZD/USD closed with nearly 0.4% gain. However, since Monday sellers resumed pressing the price to the downside, hinting to a possible continuation of bearish price action.

The relative Strength Index (RSI) crossed below (50) on both pairs indicating to the end of buyer’s domination.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

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

AUDUSD price daily chart 15-10-19 Zoomed out

AUD/USD DAILY PRICE CHART (July 2 – Oct 15, 2019) Zoomed IN

AUDUSD price daily chart 15-10-19 Zoomed in

Looking at the daily chart, we notice on Thursday AUD/USD rallied to a higher trading zone 0.6744- 0.6826. However, at the start of this week, the price declined eyeing a test of the low end of the zone.

Hence, a close below the low end could send AUDUSD towards 0.6631. Although, the Oct 2 low at 0.6671 should be monitored. Further close below this level may cause more bearishness towards 0.6594 then 0.6479 contingent on clearing the yearly support level underlined on the chart (zoomed in).

Having said that, any close above 0.6826 may increase the likelihood of testing the double bottom neckline located at 0.6894 . Although, the weekly resistance area marked on the chart would be worth monitoring.

If AUDUSD breaks and remains above the neckline, this could push the price towards 0.7000 handle and possibly above. However, the weekly resistance levels underscored on the chart should be kept in focus.

Just getting started? See our Beginners’ Guide for FX traders

NZD/USD DAILY PRICE CHART (Mar 8, 2017 – Oct 15, 2019) Zoomed Out

NZDUSD price daily chart 15-10-19 Zoomed out

NZD/USD DAILY PRICE CHART (June 20 – Oct 15, 2019) Zoomed In

NZDUSD price daily chart 15-10-19 Zoomed out

From the daily chart, we notice on Friday NZD/USD rallied to its highest level in over three weeks however, remained trading below 50-Day average. Since the start of this week, the price has been trading towards the low end of current trading zone 0.6236- 0.6438.

Hence, a close below the low end could press NZDUSD towards 0.6136. Further close below this level could see the price falling towards 0.5989. That said, the weekly support levels underlined on the chart (zoomed in) should be considered.

On the other hand, any failure in closing below the low end of the zone could reverse the pair’s direction and push it towards the high end of the zone. Although, the neckline of inverted head and shoulders pattern residing at 0.6348 with the weekly resistance level underscored on the chart should be watched closely.

See the chart to know more to any level the NZDUSD could rally, if breaks and remains above the aforementioned neckline.

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.

DISCLOSURES

News & Analysis at your fingertips.