AUD/USD, NZD/USD and USD/INR Forecasts – US Dollar Trying to Fight Back in Asia

AUD/USD Technical Analysis

The Australian dollar has pulled back just a bit during the trading session on Thursday as the market had previously shot straight up in the air, mainly due to the geopolitical situation calming down a bit in the Middle East as there’s a ceasefire that’s being agreed to.

That being said, it’s a very tenuous peace, so we’ll have to see whether or not that continues. A little bit of a pullback does make a certain amount of sense. The 0.6950 level should be a support level. To the upside, we have the 0.7150 level as a major ceiling and right now, we’re just right in the middle of these two levels. I do think gravity may come into play here for the short term.

NZD/USD Technical Analysis

The New Zealand dollar finds itself rallying a little bit during the early part of the session on Thursday, but we are just now coming into the grips of the 50-day EMA and the 200-day EMA indicators and I think those will continue to be a bit of a resistance barrier. Breaking above there opens up the possibility of the market trying to get to the 0.59 level and now, I think that is something that we need to pay close attention to because that will be a major barrier as well.

I still prefer shorting the New Zealand dollar, but we’ll have to see whether or not the market can continue to the upside because, quite frankly, the higher it goes, the more interested I become. I’ll be watching the US 10-year yield. The 4.30 level seems to be a major level. If we get back above there, I’ll be looking to buy the dollar.

USD/INR Technical Analysis

The US dollar has rallied slightly against the Indian rupee to fill a gap from a couple of days ago, but quite frankly, I think once we clear 94, the market probably goes looking to the 96 level again. This is a pair that is based on financial issues in India more than anything else and we’ve been in a strong uptrend since July, probably even longer than that if you get a little creative with the trend lines. But nonetheless, this is a market that looks like 93 rupee is trying to be a floor. If we can break above 94, I think that it opens up the next move back to the highs.

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