AUD/USD Downtrend Remains; NZD/USD Continues To Weaken

AUD/USD – Aussie/dollar downtrend continues In our recent AUD/USD commentary, we discussed that we were looking to sell this pair on any short-term upward movements, whilst price was contained under 0.7611. This was after price had been trending lower for several weeks and was remaining contained under key resistance levels. Price gave us an opportunity to sell early this week, as it popped higher before crashing lower again today, in-line with the bearish momentum. Due to the continued weakness in this market, as we can see in the chart below, we remain short-biased under 0.7611 overhead containment and will look to sell on any near-term upward movement.

AUD/USD Daily Chart

NZD/USD – Kiwi/dollar continues to weaken

The NZD/USD, like the AUD/USD, has been quite weak in recent weeks, selling-off after recent rallies to the upside. The key resistance level is 0.7060 and whilst price is contained under that level we are looking to be sellers, in-line with the downtrend. This chart is clearly trending lower and we can watch for any temporary pull backs to the upside in order to rejoin the downtrend from value (resistance).

NZD/USD Daily Chart

Source: Learn To Trade The Market

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