Levels to trade AUD/USD
After hitting a multiyear low just above 0.5500 on March 19, AUD/USD has formed a higher low in the 0.5720 area.
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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