AUD/USD managed a bounce to 7290/7300, perhaps as far as resistance at 7340/45 today. I do not have a high conviction for trading levels today so a wait & see approach may be best. If we continue higher look for 7290/85 before a retest of resistance at 7405/15 highs.
2 month trend line support at 7230/20 worked on Friday. Longs need stops below 7210 for a sell signal targeting 7195/90 then a buying opportunity at 7140/30, with stops below 7115.
NZD/USD longs at 6675/65 worked perfectly on the bounce to 6700 & almost as far as 6740/45. This is today’s first resistance but of course the best selling opportunity is at 6785/95. I’m looking for a double top sell signal here. Stop above 6815. A break higher is a buy signal for this week.
Support at 6675/65 could hold but be aware it is much less strong today. Further losses meet the best buying opportunity at 6630/20. Try longs with stops below 6605. A break lower is a sell signal.
Trends
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Positive
