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AUD/USD, NZD/USD Await Correction- Aussie & Kiwi Dollar Price to USD

AUD/USD, NZD/USD Await Correction- Aussie & Kiwi Dollar Price to USD

2019-11-06 15:00:00
Mahmoud Alkudsi, Market Analyst
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Aussie and Kiwi Dollar vs US Dollar Technical Analysis

Did we get it right with our Gold and USD Dollar forecasts? Find out more for free from Q4 main currencies and commodities forecasts

AUD/USD, NZD/USD – Uptrend Move still intact

On Oct 31 AUD/USD rose to a multi-month high at 0.6929. Later, buyers tried to rally the price further however, they have not been successful in overtaking this level. Similarly, NZD/USD rallied at the start of this week to 0.6460 – its highest level in over two and half months.

Alongside this, the relative Strength Index (RSI) declined from 62 however, the oscillator has remained above 50 on both pairs signalling to a weak uptrend move.

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AUD/USD DAILY PRICE CHART (April 1, 2018 – Nov 6, 2019) Zoomed Out

AUDUSD daily price chart 06-11-19 zoomed out

AUD/USD DAILY PRICE CHART (July 1 – NOv 6, 2019) Zoomed IN

AUDUSD daily price chart 06-11-19 zoomed in

Looking at the daily chart, we notice yesterday, the pair declined to a lower trading zone 0.6826 – 0.6904. Hence, the price could drop for a test of the low end of the zone.

Further close below this level may see AUDUSD trading even lower towards the vicinity of 0.6753-44. Nevertheless, the daily and weekly support levels underscored on the chart should be considered.

On the other hand, a close above the high end of the zone could push AUDUSD towards 0.6984 contingent on clearing the area from 0.6929 up to 0.6938.

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NZD/USD DAILY PRICE CHART (July 1, 2017 – Nov 6, 2019) Zoomed Out

NZDUSD price daily chart 06-11-19 zoomed out

NZD/USD DAILY PRICE CHART (JULY 18 – Nov 6, 2019) Zoomed In

NZDUSD price daily chart 06-11-19 zoomed in

From the daily chart, we notice NZD/USD failed twice in shifting to a higher trading zone. Hence, the current uptrend has paused this week. This caused the price to point lower eyeing a test of low end of current trading zone 0.6236 – 0.6438. However, the pair should clear first the Oct 30 Low marked on the chart (zoomed in).

On the flip side, a close above the high end of the zone could cause NZDUSD to resume bullish price action towards the vicinity of 0.6555-65. Although, the weekly resistance level underlined on the chart needs to be cleared first.

See the chart to know more about key technical levels and zones in a further bullish/ bearish scenario.

Join Me on Friday, Nov 8 at 14:00 GMT. In this session we will talk about most common reversal patterns and how to trade them.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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