Alerts

Australian Greenback Technical Forecast: AUD/USD, AUD/NZD Dangers Reversal

AUD Evaluation and Speaking Factors

AUD/USD | Dangers Bigger Reversal with 200DMA in FocusAUD/NZD | Vary Stays Tight, Outlook Favours Upside

AUD/USD | Dangers Bigger Reversal with 200DMA in Focus

The pair has prolonged its bearish reversal from the 23.6% fib at zero.7016. As such, AUD/USD is testing the zero.6930-40 help zone, which represents the October 31st and December 13th peaks respectively. With the Australian Greenback dipping on the again of renewed geopolitical tensions within the center east, focus is on the response from Iran, whereby a retaliation might place additional stress on the Aussie and thus depart the forex susceptible to falling in the direction of the 200DMA located at zero.6897. Given the appreciation within the pair over the previous month we don’t rule out a bigger reversal within the pair, which might see zero.6866 (50DMA) examined. On the home entrance, commerce steadiness and retail gross sales information are scheduled for January 9th and 10th.

Implied weekly vary (zero.6870 – zero.700zero)

Help

Resistance

zero.6930-40

Help Zone

zero.7000

zero.6897

200DMA

zero.7016

23.6% Fib

zero.6866

50DMA

zero.7030

Dec 2019 Excessive

AUD/USD Value Chart: Each day Time Body (Dec 2017 –Jan 2020)

Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

Supply: IG

AUD/NZD | Vary Stays Tight, Outlook Favours Upside

Given the shortage of home information from each Australia and New Zealand all through the vacation interval, AUD/NZD has continued to commerce inside a comparatively slender vary as each currencies have a tendency to maneuver in lockstep on exterior elements. That mentioned, the narrative of diverging financial coverage between the RBA and RBNZ, which has resulted within the cross buying and selling on the low 1.04s we really feel that is considerably overdone. Subsequently, we see tactical upside in AUD/NZD in the direction of 1.0550-1.0600, notably with momentum indicators displaying that the bearish bias is easing. The primary hurdle on the topside nevertheless, is located at 1.0491, which marks the 61.eight% Fibonacci retracement, whereas on the draw back, help is on the 1.0400 deal with.

AUD/NZD Value Chart: Each day Time Body (Jul 2019Jan 2020)

Australian Dollar Technical Forecast: AUD/USD, AUD/NZD Risks Reversal

Supply: IG

— Written by Justin McQueen, Market Analyst

To contact Justin, electronic mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX


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