Technical Update - AUDUSD, AUDJPY and AUDNZD building uptrends. Will they succeed? Technical Update - AUDUSD, AUDJPY and AUDNZD building uptrends. Will they succeed? Technical Update - AUDUSD, AUDJPY and AUDNZD building uptrends. Will they succeed?

Technical Update - AUDUSD, AUDJPY and AUDNZD building uptrends. Will they succeed?

Forex 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  AUDUSD bouncing off lows could be forming Double Bottom pattern
AUDJPY breaking falling trendline and above 95.00. Could reach June peaks
AUDNZD breaking falling trendline, could re-visit 1.10 level


AUDUSD has bounced from 0.6360 for a second time. A bullish move to test resistance at around 0.6522 is in the cards. A close above will confirm a double bottom pattern with upside potential 0.6590 level as a minimum but could move to 0.6650.

If AUDUSD is failing in getting upside momentum and slides back a close below 0.6350 is likely to see the pair resuming downtrend towards 0.6185 i.e., Q4 2022 low

Source all charts and data: Saxo Group

AUDJPY has broken above its upper falling trendline and above resistance at 95.00. Next resistance that is likely and quite possibly being broken is at around 95.85.
Unless AUDJPY is closing below 95.00 today RSI is likely to close above 60 threshold meaning it will be showing positive sentiment indicating higher AUDJPY levels.

A close above 95.85 will be paving the road to June peak at around 97.67.

To reverse this bullish trend a close below 93.50 is needed. A close below 95.00 is likely to demolish the bullish picture and keep AUDJPY in a range between 95 and 93.50

AUDNZD is on the rise breaking above upper slightly falling trendline. Likely to test resistance at around 1.0925 shortly.
If closing above 1.0925 and RSI is closing above 60 uptrend in AUDNZD will be confirmed with potential to June peaks around 1.1050.

To reverse a confirmed uptrend a close below 1.0750 would be needed. A close back below the upper rising trendline is likely to demolish the bullish outlook and place AUDNZD back in range bound trading between 1.075 and 1.09
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