Watching AUDUSD and NZDUSD. Both quite oversold. Aussie is approaching the monthly target and Kiwi is at the bottom of the range. Nothing says bullish yet though keep an eye on price action. Bulls would be getting a good price.

Also watching Gold and Copper. As per my previous post on Gold, I expect Gold to move up to MM4. I have provided analysis on Copper below. If Gold up and Copper up then very likely Aussie strength. If Aussie strength then possible Kiwi strength – risk on, plus Aussie and Kiwi correlation.

So then all we need is some Yen weakness and we have ourselves a very good price on the commodity currencies against the USD and the Yen.

Remember to read the RBA meetings minutes.

AUDUSD Daily

MPP has a target of MS2. The 38.2% fib has a target of 161.8%. 0.75 marks MM1. Paying attention to price action at these prices. Looking for a double bottom on H1 or H4 followed by a higher high.

NZDUSD Daily

Price a few pips below MM2 though 0.68 holding as support. This is the bottom of the range though the caveat is MPP says MS2 and the market is bearish.

NZDUSD H4

This time frame does not say bullish - bears are selling that pullback with a target of WS2. However, based on the daily time frame maybe we get a double bottom at WM2. Take a look at H1.

NZDUSD H1

So we can see Bears have sold the pullback to the role reversal after the breakout. We also see a double bottom at WM2. Until we have broken above WPP we are bearish. Though if there are bulls in the market then we would see them buy at the role reversal of that double bottom wit a target of WM4. Three ways to play this: either you sold at the role reversal OR you are going to buy the 123 off the double bottom OR you are going to wait for a higher high above WPP and then get the pullback to WPP and take this up to WM4 OR hold it until the top of the range shown on the daily chart.

Copper Daily

What if that 61.8% fib at MM2 holds and that oversold stoch turns up and price heads up to the 138.2% target which is also MM4/ MR2. Late in the month for a swing though maybe this is a December swing.

AUDJPY Daily

Price is probably headed to MS3 with us being below MS2 though 84.50 is support. Lower time frames do not say bullish though I think paying attention to price action and looking for double bottoms followed by a higher high makes sense.

NZDJPY Daily

Pivot points say target is MM1. Though 76.00 is support. If we get a double bottom followed by a higher high, with confirmed NZD strength against other currencies and Yen weakness against other currencies, maybe it's worth a shot.

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