Thus far in 2017, both AUDUSD and NZDUSD spot currency rates have seen strong rallies, neutralizing the November-December 2016 US$ bull trends.
Moreover, AUDUSD and NZDUSD advances have seen intermediate-term range environments deveop, but the skewed risk for February is for more bullish signals.
This would entail an AUDUSD break through .7778, and a NZDUSD push above .7403.
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AUDUSD
A solid consolidation to end last week, a dip and rebound from just below .7630 support (from .7624), after a surge higher to another new recovery high Thursday, to maintain the risk for further gains into Monday.
Furthermore, growing risk into February is for a push above .7778, which would see an intermediate-term bullish shift.
For Today:
- We see an upside bias for .7695/96; break here aims .7742 and maybe the key .7778 level.
- But below .7619 opens risk down to .7547
Short/ Intermediate-term Range Parameters: We see the range defined by .7155 and .7778.
Range Breakout Challenge
- Upside: Above .7778 aims higher for .7835/49/78 and .80000.
- Downside: Below .7155 sees risk lower for .7141, .7106, .6971 and maybe .6825.
Daily AUDUSD Chart
NZDUSD
Another dip and another rebound Friday from ahead of support at .7238/33 (from .7252), again reinforcing upside pressure from the strong 2017 recovery rally, setting the risk to the upside again Monday.
Furthermore, growing threat is for an intermediate-term bullish shift above .7403.
For Today:
- We see an upside bias for .7350 and .7362; break here aims for key .7403.
- But below .7275/70 opens risk down to .7244/38/33.
Short/ Intermediate-term Range Parameters: We see the range defined by .7403 and .6867.
Range Breakout Challenge
- Upside: Above .7403 aims higher for .7485, .7564 and .7744.
- Downside: Below .6867 sees risk lower for .6800, .6676/64, .6572/41 and maybe as deep as .6343.
Daily NZDUSD Chart
