Both the Australian and New Zealand Dollars have now pushed above important resistance points in early October to leave a bullish tone into mid-month.
- The push above .7275/80 (September shooting star candlestick patterns) on Friday sees a broader range theme now for October.
- However, this positive move also sets a positive tone for mid-month, with risk of a bullish shift (above .7440).
Short/ Intermediate-term Range Parameters: We see the range defined by .6936 and .7440.
Range Breakout Challenge
- Upside: Above .7440 aims higher for .7499 and .7681.
- Downside: Below .6936 sees risk lower for 6894, .6857 and .6645.
Daily AUDUSD Chart
- A solid tone Friday to overcome .6708, to reinforce the October rally through key .6561 resistance, that sees a switch to a bullish tone for October.
Short/ Intermediate-term Outlook – Upside Risks:
- We now see a positive tone with the bullish threat to .6772/88.
- Above here targets .7000/09/12 and .7232.
What Changes This? Below .6473 signals a neutral tone, only shifting negative below .6232.
Daily NZDUSD Chart