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hello traders ,
More policy hijinks out of Japan have the Yen on the wires overnight, but the US Dollar isn't benefiting in spades. Risk FX has been supported, mainly in the form of the higher yielding currencies taking some ground back against the lower yielding currencies; both AUD and NZD are off their weekly lows.
While the AUDUSD has started to leak out of its six-week range, NZDUSD has yet to see a discernible break of its flag support. Typically AUDUSD and NZDUSD move somewhat together, so it would be surprising to see weakness in one without the other joining.
Our attention is also drawn to AUDNZD, which has been consolidating in an ascending triangle pattern for over two months now. Currently sitting at trendline support, we're eying a break above N$1.1300 to help confirm the move lower in the NZD-complex more broadly. If AUDNZD were to break below N$1.1080 and N$1.0915, it would likely occur amidst a period of heightened appetite for risk.
with best regards ,
khan 123
More policy hijinks out of Japan have the Yen on the wires overnight, but the US Dollar isn't benefiting in spades. Risk FX has been supported, mainly in the form of the higher yielding currencies taking some ground back against the lower yielding currencies; both AUD and NZD are off their weekly lows.
While the AUDUSD has started to leak out of its six-week range, NZDUSD has yet to see a discernible break of its flag support. Typically AUDUSD and NZDUSD move somewhat together, so it would be surprising to see weakness in one without the other joining.
Our attention is also drawn to AUDNZD, which has been consolidating in an ascending triangle pattern for over two months now. Currently sitting at trendline support, we're eying a break above N$1.1300 to help confirm the move lower in the NZD-complex more broadly. If AUDNZD were to break below N$1.1080 and N$1.0915, it would likely occur amidst a period of heightened appetite for risk.
with best regards ,
khan 123
