Good afternoon friends.Hope you are enjoying current market conditions.Nzd/usd is on the way of refreshing yearly high this week and Aud/usd is trying to reach previous yearly high.
Aud/usd weekly analysis:
On the weekly chart, Aud/usd is showing consecutive four weeks bullish weekly candles.Breaking a descending weekly trend line four weeks ago, price started an uptrend.Now targeting the yearly high around 0.7410 area,before bouncing downwards around the weekly bollinger middle band 0.7200 region.
Aud/usd daily analysis:
Above the daily bollinger middle band, from the starting of this month, Audgusd showing uptrend inside a narrowing and an ascending channel.Until price breaks the lower channel line below 0.7300 area, no downtrend for short term can be notified.Rather there is more chances that price is going to touch the previous yearly high 0.7413 or higher region at the end of this year.
Nzd/usd daily analysis:
Nzd/usd has broken above a slightly ascending channel in the daily chart very starting of this month.From then it has been showing uptrend more visibly than previously sideways trading.This week price recreated new yearly high 0.7001 which was yesterday.Dollar weakness can lead more higher high today, as so far price reached near 0.6986 area.
Even if price lowers from here, going near 0.6850 area , the channel which had broken , upper line and bollinger daily middle band area,it will again bounce upwards once again.So at the end of the year this has been a trend for Nzd/usd to finish at yearly highs.