Forecasting the financial markets is not a precise science, but with careful analysis, we can nonetheless provide some potential scenarios for the AUDUSD and AUDNZD pairs.
AUDUSD:
The AUDUSD pair has been exhibiting a bearish trend in recent weeks due to stronger US economic data, prompting USD strength. If the downtrend continues, the pair could potentially test the 0.7230 support area in the coming week. Nonetheless, if more positive news gets released from Australia or negative developments occur within the United States, the pair could change its course. The resistance level in such a case might be seen at the 0.7380 zone.
AUDNZD:
On the other hand, AUDNZD has exhibited some bullish trading, mainly due to some negative economic data coming out from New Zealand. This has increased the strength of the AUD against the NZD. If this upward trend continues, we could potentially see the pair testing the 1.0500 resistance level next week. However, if the NZD strengthens, the reversal point could likely be at around the 1.0400 support level.
Remember, this is only a prediction based on current market analysis and could change considerably based on upcoming economic events and announcements.
It’s always advised to combine these technical analysis findings with fundamental analysis and up-to-date economic news from relevant regions, ensuring a well-rounded understanding of the market’s possible direction. Stay informed and make your trading decisions wisely.