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.
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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
AUD And NZD Pushing Higher; Sentiment Positive
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