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AUD/USD Tests 2-Year Support: Be Ready To Reverse NZD/USD Shorts

Published 12/12/2017, 07:41 AM
Updated 07/09/2023, 06:31 AM

AUD/USD And NZD/USD Weekly Chart

AUD/USD tests very important 2 year trend line support at 7500/7490. A recovery targets 7535 (now hit) and 7555/59. We should struggle here initially but further gains eventually target quite strong resistance at 7590/95. A break higher targets 7620/25 then very strong resistance at 7645/55.

Longs at 7500/7490 need stops below 7460. A break lower is a sell signal targeting 7420/10 and 7380/70.

NZD/USD holding above 6865/75 tests strong resistance at 6935/65. We topped just 5 pips above but a break higher completes a bullish pattern for a buy signal. If you try shorts be ready to stop and reverse into longs on a break above 6970, initially targeting 6980 and minor resistance at 7025/35.

Below first support at 6875/65 risks a slide to 6815/10 before the 6780 low. A break lower targets 6735 & 6715/10.

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