- AUD/USD collapsed on the CPI numbers, breaking support at 7760/50. The pair is holding very strong support at 7725/15. A good chance of a low for the week here.
- NZD/USD crashed from the 500 week moving average at 7300/10 and broke strong support at 7220/10 for a buying opportunity at 7170/60.
- AUD/JPY tests strong support at 8480/40. Longs need stops below 8410.
Today’s Analysis
AUD/USD has very strong support at 7725/15. A low for the week possible. Longs need stops below 7700. A break lower is a sell signal targeting 7675/65, perhaps as far as 7625/20.
Longs at 7725/15 target 7750/60, perhaps as far as 7800/10.
NZD/USD is a buying opportunity at 7170/60 and there's a good chance of a low for the week, with a stop below 7140. A break lower is a sell signal targeting 7120/10, perhaps as far as 7080/70.
Longs at 7170/60 target 7185/90 and first resistance at 7210/20. Above here look for 7245/50.
AUD/JPY has unexpectedly collapsed to strong support at 8480/40. Longs need stops below 8410.
If we can hold the 500 week moving average support at 8480/40 look for 8515/25 & 8560/80.
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