AUD/USD remains in the expected sideways trend. We shot higher from 9 pips above our buying opportunity at 6910/00 for a retest of minor resistance at last week’s high at 7000/10.
NZD/USD longs at our buying opportunity at 6500/6490 this trade worked perfectly on the bounce to minor resistance at 6550/60 fora potential 50 pips profit so far.
Today’s Analysis
AUD/USD retests minor resistance at last week’s high at 7000/10. Be ready to buy a break above here targeting 7040 & the June recovery high at 7055/60 for profit taking. A break above 7070 targets a selling opportunity at 7125/35.
Holding minor resistance at last week’s high at 7000/10 targets a buying opportunity at 6960/55. Stop below 6945. Next downside target and buying opportunity at 6910/00. Stop below 6885. A break lower is a sell signal with 6900/6910 then 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. We are testing minor resistance at 6550/60 before resistance at recovery highs of 6590/6600. A break above 6600 targets 6615/20, 6630 and perhaps as far as a selling opportunity at 6660/70.
If we reverse from minor resistance at 6550/60 we re-target 6520 with a buying opportunity at 6500/6490, with stops below 6480. A break lower is a sell signal initially targeting minor support at 6445/35.
Trends
- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral