A bull tone still for AUDUSD into mid-February, echoing the bull trend for this year, leaving the bias for further gains into the second half of February.
This contrasts with the recent NZDUSD weakness, since the recent RBNZ meeting, which has neutralised the 2017 bull pressures and leaves the bias for a correction lower into the balance of February.
Above .7778 would set a still more bullish outlook for AUDUSD; we do not see risk of an equivalent bull theme for NZDUSD, rather see a more negative correction tone towards .7000.
AUDUSD
Another setback and another strong rebound on Wednesday, holding above support established at .7615/02, up through resistances at .7696, maintaining the risk still higher into Thursday.
Furthermore, risk into February remains for a push above .7778, which would see an intermediate-term bullish shift.
For Today:
- We see an upside bias for .7709; break here aims for .7742, maybe up to key .7778.
- But below .7632 opens risk down to .7615/02, maybe .7547.
Short/ Intermediate-term Range Parameters: We see the range defined by .7155 and .7778.
Range Breakout Challenge
- Upside:Â Above .7778 aims higher for .7835/49/78 and .80000.
- Downside:Â Below .7155 sees risk lower for .7141, .7106, .6971 and maybe .6825.
Daily AUDUSD Chart
NZDUSD
Despite a rebound effort on Wednesday through minor resistance at .7198, better resistance remains intact at .7218/25/30, and was below here we see downside pressures again into Thursday.
Furthermore, the threat has eased for an intermediate-term bullish shift above .7403.
For Today:
- We see a downside bias for .7131; break here aims for the .7113/7092 area.
- But above .7218/25/30 opens risk up to .7280/85.
Short/ Intermediate-term Range Parameters: We see the range defined by .7403 and .6867.
Range Breakout Challenge
- Upside:Â Above .7403Â 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
Forextraders' Broker of the Month
BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.