Both these two pairs are near the completion or have already completed their short-term downward corrective cycles. They are both approaching important short- and medium-term support levels and I believe they are going to soon turn to the upside.
AUDUSD is still trapped inside the triangle pattern and as it approaches the lower triangle boundary I believe it will reverse to the upside as I expect support to be respected and held. My upside target for AUDUSD is between 0.7250 and 0.7350.
NZDUSD continues to trade above the Ichimoku cloud and continues to make higher highs and higher lows. Price is also above the upward sloping trend line. I expect this pair to bounce off the cloud support and move towards the red downward sloping trend line. This trend line comes from way back and is important long-term resistance.
In the chart above we can see better the importance of the red trend line resistance at 0.68-0.6840. Important support for the NZDUSD is found at 0.6660.
Thank you for taking the time to read my new post. Happy weekend everyone