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Yo! Who else is watching AUD this week?

If you are, then you’ll know that AUD/NZD and AUD/USD are hanging out at key inflection points on the 4-hour and daily time frames.

Check them out!

AUD/NZD: 4-hour

AUD/NZD 4-hour Forex Chart

AUD/NZD 4-hour Forex Chart

First up is a nice and simple trend trade for AUD/NZD playas.

The pair is having trouble trading below 1.0750, which isn’t surprising because the level had served as resistance from February to mid-March.

This time around, the area also lines up with a trend line support on the 4-hour time frame.

Can AUD/NZD extend its uptrend? Buying at the first signs of bullish momentum would yield a good risk ratio especially if the pair goes back up to its monthly highs.

If the current consolidation results in a downside breakout, though, then we could see a retest of the 1.0700 or 1.0650 lows.

AUD/USD: Daily

AUD/USD Daily Forex Chart

AUD/USD Daily Forex Chart

Where my range-trading buddies at?

AUD/USD has been on a roll since the start of February, but it looks like there are enough bears at the .7550 zone to make new buyers think twice about extending the uptrend.

Note that .7550 lines up with a successful resistance back in November. Heck, the level was a major area of interest for all of 2021!

The daily chart’s Stochastic levels and AUD/USD’s most recent candlesticks point to the Aussie taking hits against the dollar.

You can short at current levels or bearish momentum below .7500 if you’re confident that AUD/USD will retest the .7300 mid-range or .7000 range support zones.

Think AUD/USD bulls are just taking a breather?

Watch the pair closely in case we see a clear break above .7550. More importantly, make sure to have a trading plan in place if we do see a legit upside breakout!