Overview on AUD/USD, NZD/USD, AUD/NZD

AUDUSD:

Australia coronavirus infections mark a third day of easing in cases, recently they are at 1,506 cases. Additionally, Friday’s report of the US Michigan Consumer Sentiment Index for September was below the forecast by 1.2 (actual was 71.0, forecast 72.2). In the US, the escalating number of Delta cases and the previous release of the US Consumer Price Index challenge the Fed hawks. A lot of news that will affect the market this week along with this pair. All the caution mood ahead of Wednesday’s Federal Open Market Committee. The statement will influence the volatility of USD and define a short-term positive or negative trend. A hawkish view is considered bullish for the USD, whereas a dovish view is considered bearish. In addition, RBA Meeting Minutes will be due Tuesday, September 21. The minutes give a full account of the policy discussion such as monetary policy, and economic conditions on interest rate and bond buys. Generally speaking, if the Reserve Bank of Australia meeting is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, which is positive for the AUD.

AUD/USD is down by 0.44%, while declining to the lowest levels since August 27 during Monday’s Asian session this pair takes offers around 0.7250. This break will increase the bearish movement and make this pair move towards August 27 swing low near 0.7220 and 0.7200, a break below 0.7200 level will direct this pair to August monthly lows near 0.7105.

Hence, a break above 0.7260 will initiate a corrective pullback towards 0.7300. A break above 0.7300 will make this pair direct to the next resistances at 0.7315 and 0.7321.

NZDUSD:

During the weekend, fresh COVID-19 infection registers in Waikato, the Pacific nation, were up for easing the level of emergency. However, the latest virus outbreak renews chatter over heightened activity restriction in Waikato. As we mentioned above, the previous releases in the US challenge the Fed hawks. In this week the important news that is related to NZD will be due Thursday September 23, on this day the import and export reports will be released in New Zealand. Trade balance is the difference between the value of a country’s exports and imports, over a period of year. A positive balance means that exports exceed imports, a negative one means the opposite. Positive trade balance illustrates the high competitiveness of a country’s economy. But the most important factors that will affect the market are FOMC on Wednesday, Initial jobless claim on Thursday, and New Home Sales report on Friday.

With the beginning of the week, NZD/USD sellers attack September’s low, during early Monday, to the key support around 0.7205. A clear break below this level will direct this pair toward august 25 and make this pair trade between 0.6990 and 0.6985. A break below 0.6985 will accelerate the bear trend and direct this pair to 0.6930.

On the flip side, a cross above 0.7080 will make this pair bullish and move toward the next resistances at 0.71 and 0.7170 will be in the focus. If this pair couldn’t reach 0.7080 level, NZD/USD sellers will attack in a bigger range, however this pair could recover to 0.7060 but that doesn’t mean that the bullish movement has started.

AUDNZD:

On the first trading day of the new trading week, AUD/NZD prints fresh daily losses. This pair is trading at 1.0320 after it travelled to the intraday high at 1.0330, so this pair is down by 0.22% for the day.

Now if the spot breaks the bullish sloping line at 1.0315, more bearish momentum will be ruled out. This break will direct the pair to the first downside target at the 1.0300 support level. A break below this level will accelerate the downtrend and make this pair move to the next support level at 1.0285.

Alternatively, if the price breaks above 1.0330, an uptrend will start, this pair could test back to the previous session high at 1.0336 followed by the 1.0350 horizontal resistance level.

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