AUD/USD Technical Analysis
The Australian dollar has fallen a bit during the trading session on Tuesday, but it does look like there’s a little bit of support just below and I think it’s probably only a matter of time before the buyers try to lift this market.
The 0.7150 level is an area that I think a lot of people will be watching closely, as it has been a bit of a magnet for price, and of course, previously was significant resistance.
Rates in America climbing, of course, are making the US dollar look a bit more attractive, but the Australian dollar is different in the sense that the Reserve Bank of Australia has actually raised rates as of late, so the Aussie is still a bit of an outlier.
NZD/USD Technical Analysis
The New Zealand dollar finds itself dancing around the 0.5950 level as we’re just waiting for the next move. I think that continues to be the case as traders are just watching the headlines and the interest rates and not really knowing what to do as the situation in the Middle East is just as opaque as it’s always been and we have recently filled a bit of a gap.
It’s going to be a difficult market; all things being equal, we need to see if we get another impulsive candlestick in either direction to get a read on where we’re going, but we are at an area that the market seems to look at as fair value.
AUD/USD Price Forecast
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The US dollar has been both positive and negative during the trading session against the Japanese yen, with the 158-yen level looking very much like a bit of a barrier. The 50-day EMA sits right there as well, and if we can break above there, then we can truly take off to the upside.
That being said, I suspect we are still within consolidation between 156 yen on the bottom and 158 yen on the top. Interest rate differential continues to pay you to own dollars, that’s basically what I’m looking at here, but I recognize there is a lot of chop, and of course, the Bank of Japan recently got involved.
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