Forex Trading: Aussie and Kiwi at new highs November 17, 2018

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AUD/USD and the NZD/USD have managed to increase aggressively in the last days as the USDX has pushed the USD lower.  AUD was boosted also by the Australian Employment Change, which it has increased from 7.8K to 32.8K, beating the 19.9K estimate and by the Unemployment Rate, the rate remained steady at 5.0%, even if the specialists have expected to see an increase to 5.1%.

AUD/USD rallied and now has managed to reach the upper median line (UML) of the descending pitchfork and it is almost to reach the median line (ml) of the minor ascending pitchfork. A valid breakout above the mentioned lines it will signal a further increase.

I’ve said in the previous weeks that a valid breakout above the 50% line of the descending pitchfork and above the inside sliding line (sl) it could really announce a potential broader upside movement. The upside movement is natural after the failure to get back below the median line (ML).

NZD/USD has started an important upside movement after the reach and retest the upper median line (UML) of the descending pitchfork. It has managed to jump much above the 150% Fibonacci line and above the inside sliding line (sl) of the ascending pitchfork and now is pressuring the 50% line of this pitchfork.

A valid breakout will confirm a further increase and the next upside targets will be at the median line of the ascending pitchfork and at the WL1 of the descending pitchfork. However, we may have a minor retreat after this amazing upside momentum.

The idea is that the AUD/USD and the NZD/USD will resume the bullish movement if the USDX will drop further.

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