Further robust US Dollar gains versus the New Zealand Dollars last week, but losses versus the British Pound. Furthermore, a hesitant range tone for the US currency against the Australian Dollar and Euro leaves an overall mixed and indecisive outlook for the US currency into the second half of June. The FOMC Meeting decision this Wednesday could resolve this indecisive tone.
NZDUSD Bearish Outlook Enhanced
- A break below .7000 and monthly lows from 2010 at .6988/49 leaves June risks still lower
- Below targets .6870, with threat lower for .6562.
Monthly NZDUSD Chart
AUDUSD Sideways In June, But a Bear Bias From May
- Although erratic range activity has dominated in June, we still see a downside bias with the threat to challenge .7595 to .7533.
- Below here targets for longer term levels .7500, .7269 and .7094.
Daily AUDUSD Chart
GBPUSD Bull Tone
- A robust rebound in June from ahead of support at 1.5087.
- Whilst above here, we see a positive tone with the bullish threat back to 1.5700 and through 1.5826. Above here targets 1.5879, 1.6000 and 1.6182/88 into May.
Daily GBPUSD Chart
EURUSD Erratic, but Upside Bias
- Although the tone has remained hesitant throughout early June, we see a base as intact and the bias for an upside extension above 1.1467.
- Above here targets 1.1534 and 1.1680, with overshoot risk is higher for 1.1871.
Daily EURUSD Chart