AUD/JPY may fall further
AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.
NZD/USD will soon reach its limit
Information is not investment advice
The USD is getting weaker in many currency pairs as the Federal Reserve officials hinted at the possibility of further rate cuts this year. However, these pairs are also testing major resistance levels and may turn around soon if/when the US data improves. Notice that the expectations of lower rates in the United States are largely priced in.
As a result, we want to bet that NZD/USD won’t be able to rise above 0.6710 (50% Fibo of the March-May decline, 200-day MA, 50-week MA) and turn down. The target will lie at 0.6655/40 (38.2% Fibo, 50-day MA) and maybe even 0.6590 (23.6% Fibo).
The short-term picture looks bullish, and NZD/USD will be able to reach 0.67 as long as it’s trading above 0.66.
Elizabeth Belugina
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