AUDUSD remains in a sideways trend as we hold below the head and shoulders neckline which is rising steadily – now at 7685/95.
Last week we held a range of only 99 pips – the smallest for 7 months.
NZDUSD topped exactly at strong resistance at 7060/70 all this week and obviously this remains key to direction today.
Today’s Analysis
AUDUSD first support at recent lows of 7600/7590. A break below last week’s low at 7586 risks a slide to 7570/65 and 7535/30 before very strong support at 7520/10.
Minor resistance at 7665/75. Strong resistance at the head and shoulders neckline at 7685/95 but shorts need stops above 7710.
NZDUSD topped exactly at strong resistance at 7060/70 all last week as predicted. However a break above 7080 opens the door to head and shoulders neckline resistance at 7105/15. Stop above 7030.
First support at the range low of 7005/6995. A break below 6990 can retest minor support at March lows at 6950/40. A break below 6940 is likely to test strong support at the 200 day moving average at 6900/6890.
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