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NZD/USD, AUD/USD Forecast: Kiwi & Aussie Dollar to USD Price- Breakout Levels

NZD/USD, AUD/USD Forecast: Kiwi & Aussie Dollar to USD Price- Breakout Levels

2019-11-12 15:30:00
Mahmoud Alkudsi, Analyst
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Aussie and Kiwi Dollar vs US Dollar Technical 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 – Paused Uptrend Move

Recently, AUD/USD have failed in multiple occasions to rally to multi-month high, reflecting buyer’s hesitation at this stage. This opened the door for sellers to take the lead. Similarly, NZD/USD buyers shied away from key resistance levels after leading the price on Nov 4 to 0.6466 – its highest level in over two and half months.

Currently, the relative Strength Index (RSI) moves nearby 50 on both pairs, indicating to the weakness of uptrend momentum.

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

AUD/USD DAILY PRICE CHART (April 1, 2018 – Nov 12, 2019) Zoomed Out

AUDUSD daily price chart 12-11-19 zoomed out

AUD/USD DAILY PRICE CHART (July 1 – NOv 12, 2019) Zoomed IN

AUDUSD daily price chart 12-11-19 zoomed in

Looking at the daily chart, we notice on Nov 4 AUD/USD declined to lower trading zone 0.6826 – 0.6904. Later, the price pointed lower eyeing a test of the low end of the zone.

Hence, a close below the low-end may see AUDUSD correcting lower towards the vicinity of 0.6753- 44. Further close below 0.6744 could embolden sellers to press towards 0.6631. Nevertheless, the weekly support levels marked on the chart (zoomed in) should be monitored.

That said, any failure in closing below the low end of the zone could keep the price within the range i.e. may send AUDUSD higher for a test of the high end of the zone. See the chart to find out more about the following trading zone with the weekly resistance levels the price would encounter in a further bullish move.

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

NZD/USD DAILY PRICE CHART (July 6, 2017 – Nov 12, 2019) Zoomed Out

NZDUSD price daily chart 12-11-19 zoomed out

NZD/USD DAILY PRICE CHART (JULY 18 – Nov 12, 2019) Zoomed In

NZDUSD price daily chart 12-11-19 zoomed in

From the daily chart, we notice on Nov 4 NZD/USD attempted to rally to the higher trading zone. However, the price failed as did two months ago, and remained in the same old trading zone 0.6236- 0.6438

Thus, the pair could be on the way for a test of the low end of the zone. Further close below 0.6224 could embolden sellers to press NZDUSD towards 0.6153. Although, the weekly support levels marked on the chart (zoomed in) should be considered.

On the flip-side, if the price breaks and remains above the neckline of inverted head and shoulders pattern located at the high end of the zone, this may cause a rally towards 0.6565 then 0.6642. In that scenario, the weekly resistance 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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