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Aussie and New Zealand Dollars stay strong

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Updated:

  • Both the Australian and New Zealand Dollars have retained a bullish trend into the end of July, triggered by strong gains since June.
  • The push by AUDUSD above the psychological/option level at .8000 signals potential for a more aggressive push higher into the summer.
  • For NZDUSD, the push through .7485 reinforces the intermediate-term bullish outlook into August.

AUDUSD – Bullish trend reinforced

A resilient consolidation tone on Thursday above initial support at .7915, sustaining bullish forces from the extremely strong rally after Wednesday’s FOMC Meeting with broad US Dollar weakness, through the psychological/option target at .8000, keeping risk higher into Monday.

Furthermore, the robust July recovery activity has re-energised the intermediate term bullish outlook.

For Today:

  • We see an upside bias back up through .8007 closer to .8065.
  • But below .7915 opens risk down to the .7876/74 area, which we would look to try to hold.

Intermediate-term Outlook – Upside Risks:

  • We see a positive tone with the bullish threat to the 2015 high at .8164.
  • Above here targets .8295 and the .8452/82 area.

What Changes This? Below .7784 signals a neutral tone, only shifting negative below .7568.

AUDUS Daily Chart

AUDUSD Chart

NZDUSD – Bullish trend intact

A solid consolidation tone Friday after Thursday’s surge higher through the September 2016 cycle high at .7485 and to also breach the psychological/option target at .7500, leaving risk higher for Monday.

Furthermore, the push through .7485 reinforces the intermediate-term bullish outlook into August.

For Today:

  • We see an upside bias back up to .7558; Through here target .7591
  • But below .7423 opens risk down to .7399.

Intermediate-term Outlook – Upside Risks:

  • We see a positive tone with the bullish threat through .7485.
  • Above here targets .7744 and .8000/45 area.

What Changes This? Below .7198 signals a neutral tone, only shifting negative below .7003.

NZDUSD Daily Chart

NZDUSD Chart