As the Dollar continues its bullish rally, AUDUSD continues to slip further into profit. Additionally, NZDUSD is also gearing up for it’s own move lower.
The US Dollar Index (DXY) has continued its uptrend as the price has made a new high at 93.150. Currently, the price has just completed the formation of a higher low which should be a precursor for a new high. The next target is 93.430. This bullishness has pushed AUDUSD shorts into +130 pips of profit.
The next trade on the radar for traders is possible shorts for NZDUSD. This pair’s price action has a close correlation with AUDUSD. Earlier today, the price was able to close bearish below daily support at 0.69200. The candle closure was the second most bearish candle and thus hinting at lower prices.
The fundamental schedule for the next two days is fairly bleak, but Thursday will be important as the ECB will be having their monetary policy press conference. Traders shouldn’t expect any major changes to the policy, but comments at the pressor could shake up the markets.
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