AUD/USD, NZD/USD and USD/JPY Forecast – US Dollar Rises Against Antipodes, Falls Against Yen

AUD/USD Technical Analysis

The Australian Dollar has given up some of its gains near the 0.7100 level, an area that has to be paid close attention to due to the fact that it has offered so much resistance recently.

If we were to break above there, then we could really start to take off, perhaps go to the 0.7250 level. A pullback from here has plenty of support near the 0.6900 level. I have no interest in shorting this pair. If I choose to buy the US Dollar over other currencies, it makes more sense than to fight the Aussie Dollar, which has the Reserve Bank of Australia looking to tighten.

NZD/USD Technical Analysis

The New Zealand Dollar is a little soft during the trading session. It is worth noting that recently we have gotten overbought as far as the RSI is concerned. At this point in time, I think we have a situation where we are trying to form some type of bullish flag.

The 0.6100 level is a huge barrier that is going to be difficult to break above. With that being the case, I think you have to look at this as a market that although it looks bullish, it has a lot to prove, especially the New Zealand Dollar with its central bank being a little bit softer or dovish.

USD/JPY Technical Analysis

The US Dollar has fallen against the Japanese Yen. Again, I think some of this is the hangover from the elections. I am looking at this as a potential buying opportunity on a bounce. We just do not have that bounce yet.

The 152 Yen level and the 200-day EMA just above it both offer support here, so that is about as low as I expect this pair to drop. I want to buy it once it bounces on the right side of the V.