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AUD And NZD Pushing Higher; Sentiment Positive

Published 07/03/2020, 05:02 AM
Updated 01/03/2021, 09:10 AM

Today, we'll give index traders a break, as summer holidays, and the Independence Day weekend in the US are suppressing volumes and volatility, meaning a boring session for global equities. Recent optimism and improving economic data in China are definitely helping the AUD/USD and NZD/USD. As a result, we are seeing some very interesting setups in both these pairs.

Let’s start with the Kiwi. The pair escaped from the triangle pattern with the bullish breakout off its upper line. That gave us a mid-term buy signal. Now, the pair has to confirm this sentiment by breaking the horizontal resistance on the 0.653. The sentiment here is positive.

Taking a look at the Aussie, the price is still inside of the symmetric triangle pattern. Friday brings us another bullish attempt and it looks like the resistance will be finally broken. Pressure from the buyers looks serious and the chances that they will succeed are quite high.

On the AUD/JPY, the breakout of the resistance already happened, so the buy signal here is already up and running. As long as the price stays above the upper line of this formation, the sentiment is positive.

Latest comments

aud/jpy set a 12 month high just a week or two ago. in the middle of a global pandemic and recession. i don't think so. aud/jpy is most vulnerable to any risk off sentiment ... i would not be willing to risk a long position knowing that any panic could cause it to drop 10 points in a day. its now trying for 75 but dont forget it did crash down to 60 back in march. i think we're still very much in the be cautious era of currency trading  ... i mean what do you think is going to happen? aud/jpy hits 80!!?? it hasn't been that high in years ....
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