Yesterday brought almost identical data to the forecasts about growth in labor marker in the US private sector. This resulted in dollar strengthening, but the markets are still calm and there are not too many interesting setups. Only few of the most important currency pairs are now near important and key levels. It is important to observe corrections on pairs which are growing strongly recently – Australian and New Zealand dollar. I want to look at pairs with those currencies today:
AUD/JPY:
Cross consolidates just above the key level of 95.65, which is a October 2013 high. Without any doubt the trend is strongly upward and each clear Price Action buy signal on the support should b used to open long positions.
AUD/NZD:
Yesterday I wrote, that on AUD/NZD we need a closure above the resistance for the trend confirmation. Currently, resistance turns into support and in the case of its test, we should look PA buy signal, so we could join the uptrend.
NZD/USD:
Dynamic increases on Kiwi were stopped by April 2013 high. The vast correction has now come to a strong support level. NZD/USD may even fall around 10-30 pips and then slow down a little. Clear buy signal from Price Action can be seen on the H4 and D1 chart – it confirms demand activity and possible end of the correction. After that we can look for long positions and start positioning north.
