AUD/USD has no clear trend or pattern to follow as we trade sideways for 3 weeks—up one day, down the next. in the sideways trend. On Friday we won back Thursday’s losses to confirm this pattern, holding a 3 week trend line support at 7325/15 to test minor resistance at 7360/70.
NZD/USD bottomed exactly at strong support at 6990/80. Longs worked on the bounce to minor resistance at 7040/50 for a 50 pip scalp. We topped exactly here.
AUD/JPY is back below 8100/20, so clearly this level is no longer reliable.
Today’s Analysis
AUD/USD has 4 week trend line resistance at 7390/7400. Shorts need stops above 7410. A break higher targets 7435/40. We should struggle to beat this level here initially, but shorts may be too risky. If we continue higher look for 7480. There's a three week trend line support at 7325/15. Longs need stops below 7305. A break lower retests the July low at 7290/85. A break below 7280 is a sell signal targeting strong support at 7235/25. Longs need stops below 7205.
NZD/USD is up one day, down the next day in a sideways trend. The chart is a mess and it's difficult to identify reliable levels. However, the bounce from 6990/80 topped exactly at the first target of 7040/50 for a nice 50 pip scalp. Expect strong resistance at 7090/7110. Shorts need stops above 7120. A break higher is a buy signal initially targeting 7150. First support at 6990/80. Longs need stops below 6965. A break lower targets 6940/35, perhaps as far as 6900/6890.
AUD/JPY sees minor resistance at 8100/8110, then the 3 week trend line resistance at 8135/45 in the sideways trend. A break above 8160 targets 8205/15. Minor support at 8050/40 and again at the July low at 7995/85. Expect strong support at 7950/30. A bounce from here is likely at this stage.
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