NZDUSD and AUDUSD Maintain Upside Pressure

The Antipodean currencies (New Zealand and Australian Dollars) have both retained a positive bias into early July against the US Dollar to reject previous bearish activity from the Thursday 23^rd June UK “Brexit” vote.

The NZDUSD spot rate has maintained a bullish trend and although AUDUSD is still within a broader range environment, the risk is skewed higher.

NZDUSD

Another significant sell off Wednesday, but then a bounce from .7075 support, to reinforce the erratic tone this week and to set a consolidation theme into Thursday.

For Thursday/ Friday: We see a neutral tone between .7075 and .7220/40 (with a positive bias)

Break above .7220/40 aims for .7254/55, maybe .7298, which we would look to try to cap.
Break below .7075 aims for .7055/53 and maybe .7014, which we would look to try to hold.

Short/ Intermediate-term Outlook – Upside Risks: A previous shift to an intermediate-term bullish tone above .7054.

We see a positive tone with the bullish threat to 7298.
Above here targets 7396/7413 and .7564.

What Changes This? Below .6960 signals a neutral tone, only shifting negative below .6676.

Daily NZDUSD Chart

AUDUSD

A dip as expected down to .7403 support, but then a strong rebound Wednesday, to highlight the indecisive near term tone evident this week (since the Australian election) and also reinforce the broader range theme, for a neutral tone into Thursday.

For Thursday/ Friday: We see a neutral tone between .7403 and .7545 (with a positive bias)

Break above .7545 aims for .7559 and .7591, which we would look to try to cap.
Break below .7403 aims for .7370, maybe .7340, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the range defined by .7719 and .7141, but with risks skewed to a bullish breakout into July.

Range Breakout Challenge

Upside: Above .7719 aims higher for .7835/49/78 and .8000.
Downside: Below .7141 sees risk lower for .7106/.7000/.6971 and .6825.

Daily AUDUSD Chart

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