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AUD/USD Beats Resistance; NZD/USD To Trade Sideways

By Jason SenForexMay 11, 2018 02:56AM ET
www.investing.com/analysis/audusd--nzdusd-daily-forecast--11-may-2018-200315370
AUD/USD Beats Resistance; NZD/USD To Trade Sideways
By Jason Sen   |  May 11, 2018 02:56AM ET
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AUD/USD And NZD/USD Weekly Chart
AUD/USD And NZD/USD Weekly Chart

AUD/USD unexpectedly beat resistance at 7500/05 and although stops above 7540 have not been activated, if we do break higher look for 7565/70, 7600/10 and perhaps as far as 7645/55.

We have support at 7500/7490 now. Below here however targets 7460/55 before the 7415/10 low. Unlikely, but a break lower targets 7385, 7365/60 and perhaps as far as support at 7335/25 in to next week.

NZD/USD now expected to trade sideways to ease oversold conditions. Minor resistance at 6975 then strong resistance at 7015/20 the best chance of a high for the day. Shorts need stops above 7045. An unexpected break higher targets 7090/95.

Failure to beat 6975 targets 6950/45. The downside is expected to be limited but below here retests 6905/00 which should hold. An unexpected break lower however targets 6885/81, 6870 and perhaps as far as 6850/40.

AUD/USD Beats Resistance; NZD/USD To Trade Sideways
 

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AUD/USD Beats Resistance; NZD/USD To Trade Sideways

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