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In the last two days both AUD and NZD have weakened against the greenback after the Chine macro data. Imports have been falling by 0.7%, something that could effect the exports of these two countries. In Australia, the business conditions slumped to four-year low. And, the consumer and business sentiment went in the wrong direction, and that is a worrying sign as well.

Technically, on the H4 chart we can see the Aussie on a double bottom. At 0.9170 there was a break out this morning, so the next resistance line is at 0.9250, TP 2 is at 0.9315. We have to be protected at 0.9100.

AUDUSD Chart

AUD USD 4 hour technical analysis chart July 10 2013

Kiwi generally is a bit slower than AUDUSD, but it has also made a double bottom and had a break out at 0,7850, TP is at 0.8040. Stop loss at 0,7790.

NZDUSD Chart

NZD USD 4 hour chart technical analysis July 10 2013 for forex trading