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Aussie & Kiwi Dollar to USD Price: AUD/USD, NZD/USD Reversal’s Key Levels

Aussie & Kiwi Dollar to USD Price: AUD/USD, NZD/USD Reversal’s Key Levels

2019-11-19 15:00:00
Mahmoud Alkudsi, Market Analyst
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Aussie and Kiwi Dollar vs US Dollar Technical Forecast

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 – Form Bearish to Sideways

In early Oct, AUD/USD rebounded from multi-year low at 0.6671. The price rallied after, and started a sideways move creating higher highs with lower lows. On the other hand, NZD/USD printed on Oct 1 its lowest level in a decade at 0.6202, then corrected higher starting a trendless move similarly to AUDUSD.

Currently, the relative Strength Index (RSI) moves nearby 50 on both pairs, indicating to market’s participants hesitation to lead the price in a clear direction.

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

AUD/USD DAILY PRICE CHART (April 1, 2018 – Nov 19, 2019) Zoomed Out

AUDUSD daily price chart 19-11-19 zoomed out

AUD/USD DAILY PRICE CHART (July 1 – NOv 19, 2019) Zoomed IN

AUDUSD daily price chart 19-11-19 zoomed in

Looking at the daily chart, we notice on Oct 31, AUD/USD peaked at 0.6929. Later, the price declined to a lower trading zone 0.6753 – 0.6826.

This week, the pair U-turned towards the high end of the zone. Thus, a close above the high end could lead the price towards 0.6904. Yet, buyers should keep an eye on the daily resistance level underlined on the chart (zoomed in).

In turn, any failure in closing above the high end of the zone could mean buyer’s hesitation and cause a reversal towards the low end of the zone. Further close below the low end could open the way for sellers to press towards 0.6631. Although, the weekly support levels underscored on the chart should be considered.

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

NZD/USD DAILY PRICE CHART (July 6, 2017 – Nov 19, 2019) Zoomed Out

NZDUSD price daily chart 19-11-19 zoomed out

NZD/USD DAILY PRICE CHART (JULY 10 – Nov 19, 2019) Zoomed In

NZDUSD price daily chart 19-11-19 zoomed in

From the daily chart, we notice on Aug 15 NZD/USD declined to a lower trading zone 0.6236 - 0.6438. Since then, buyers failed in multiple occasions to push the price to the higher zone.

On Nov 8, the pair rallied before testing the low end of the zone then created the right shoulder of inverted head and shoulders pattern, where the neckline resides on the high end of current trading zone. This suggests, if NZDUSD breaks and remains above the high end, the price could rally towards 0.6565 then 0.6642. Nevertheless, the weekly resistance levels marked on the chart (zoomed in) should be monitored.

On the flip-side, any failure in closing above the high end of the zone would signal buyer’s pullout of the market, and could send NZDUSD towards the low end of the zone. That said, the daily and weekly support levels underlined on the chart should be kept in focus.

Join Me on Friday, Nov 22 at 14:00 GMT. In this session we will talk about most common Continuation patterns and how to trade them.

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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