AUDUSD & NZDUSD supported by China stimulus/risk-on flows. Pairs make new highs for year

Both the AUDUSD and the NZDUSD have made new highs for the year today.

• For the AUSUSD it has traded to a new high of 0.6941. That is the highest level since February 2023. The price of the pair is also running away from the June and July highs from the same year between 0.69947 and 0.6999. Going forward, that area is now close support. Stay above is more bullish.
• For the NZDUSD, it moved to a new high at 0.6376. That took the price to the highest level going back to July 2023. And into a swing area between 0.6363 and 0.6389. If the buyers are to take more control, they need to get above the high of that swing area. Conversely, if the price can’t keep the momentum going, we could see some profit-taking in the pair.

In the video above I outline all the technical levels in play for the two pairs, and explain the importance for traders today and going forward.

This article was written by Greg Michalowski at www.forexlive.com.