AUD/USD And NZD/USD Forecast For Dec 17, 2019

AUD/USD still testing 6885/75 support with longs held above 6860.

NZD/USD held a 29 pip range and the inside day means same levels apply for today.

AUD/USD bulls need the pair to recover above 6910 to maintain the buy signal. A break above the October/November 6928/29 high acts as a further buy signal targeting 6940, 6965/70 and 7010/20.

The last line of defense for bulls is the 6885/75 support which is still holding. Longs need stops below 6860. A break lower tests support at 6825/15.

NZD/USD longs at support at 6580/70 target 6600/05 and 6620/25 before the high at 6636.

Further gains this week look for minor resistance at 6650/55. A high for the day likely if tested today, but shorts are still risky in this short term bull trend. We could could trade sideways at this stage to ease overbought conditions into the end of the week.

First support at 6580/70 but below 6560 meets a buying opportunity at 6545/35, with stops below 6520.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

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