AUD, CAD & NZD

Technical Analysis January 4 2021

AUDUSD D1

The AUD recovery came to a sudden halt yesterday at 0.7270 on USD strength.

Resistance today will be found in the 0.7220/40 area and if broken you can expect another run up to the previous high of 0.7270.

However, a failure at 0.7240 will increase the downside pressure to test 0.7160 and possibly 0.7120 in extension.

USDCAD D1

USDCAD found strong support on the dip to 1.2630

The US Dollar reaction from 1.2630 was strong enough to test resistance at 1.2780. The USD Bulls remain in control as long as the 1.2710/1.2700 level holds firm, further upside tests will be expected. A clear break of 1.2780 would target 1.2860.

However, if 1.2700 support gives way, the upside moment will be lost and a drop to 1.2650 will likely follow.

NZDUSD D1

The Kiwi failed again at 0.6860 resistance and has dropped back towards support at 0.6770, a break down here would see further weakness to target 0.6740, and possibly the 0.6710 low in an extension

Resistance is now found at 0.6720, a break up here would relieve downside pressure and target 0.6760 again.

To trade the AUD CAD or NZD go to http://www.8dcglobal.com or contact support@8dcglobal.com for more details.

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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