Previous Analysis
AUD/USD remains in the sideways trend we identified weeks ago. We hit the target and minor support at 6940/30 for profit taking any remaining shorts but bounced 10 pips above strong support at 6910/00
NZD/USD longs at first support at 6555/45 worked perfectly on the bounce to 6588. Same levels apply for today.
Today’s Analysis
AUD/USD minor resistance at 6960/70 before a retest of last week’s high at 7000/10. Be ready to buy a break above here targeting 7040 and the June recovery high at 7055/60 for profit-taking.
Holding 6960/70 targets 6940/30 then a buying opportunity at 6910/00. Stop below 6880. A break lower is a sell signal with 6900/6910 than acting as resistance, targeting 6840/30, perhaps as far as 6810/00.
NZD/USD overbought so could start to trade in a more sideways direction, but we have no sell signal yet. First support at 6555/45, stop below 6535. A break lower sees 6545/55 as resistance targeting 6520 and buying opportunity at 6500/6490, with stops below 6480.A break lower is a sell signal initially targeting a buying opportunity at 6445/35.
A break above 6600 targets 6615/20, 6630 and perhaps as far as a selling opportunity at 6660/70.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral