New Zealand Dollar continued its march upward today, hence the slip in AUDNZD. With NZD trade data out tonight we should quickly see if this was a false break or if the pair is intent on making another run at the range bottom.
This was a level I mentioned on June 18th here. In that post I made reference to the idea that the pair may not be ready to break out of this range between 1.054 and 1.091. Sure enough AUDNZD managed to break key support today.
From here it looks like the next support level doesn’t come in until the range bottom at 1.054.
CADJPY put in a bullish pin bar / outside bar today above key support. From here we may see the market continue sideways a bit until its ready for a potential retest of 95.85.
GBPJPY also put in a bullish pin bar on the 4 hour chart as seen below. This is an interesting area for the pair as the level serves as strong horizontal support which is currently intersecting with trend line support.
If the pair can breach the recent high at 174 we may see a retest of 174.85, which was the high on January 1st of this year.
CADCHF closed above support today, indicating that the rally has more fuel in the tank.
The .84 area should act as resistance with key resistance coming in around .8525. Support now comes in around .8330.
Last but not least, NZDUSD. We’re about to find out if this was a false break of resistance or if the pair is ready for higher grounds.