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AUD/USD, NZD/USD, AUD/JPY Update

By Jason SenForexOct 24, 2021 12:46AM ET
www.investing.com/analysis/audusd-nzdusd-audjpy-update-200606074
AUD/USD, NZD/USD, AUD/JPY Update
By Jason Sen   |  Oct 24, 2021 12:46AM ET
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AUD/USD beat 7400/20 for a medium term buy signal targeting 7495/99 and 7530/35, then within just 9 pips of our profit taking target of 7555/65. Then yesterday we collapsed from the resistance, leaving a bearish engulfing candle for a sell signal. HOWEVER!! Longs at good support at 7475/55 worked perfectly with a low for the day here.

NZD/USD longs did very well as we hit my targets of 7015/20, 7075/80, 7135/40, the September high at 7165/70 and the next target of 7210 (missed by just 2 pips). HOWEVER!! Yesterday we wrote: could well have seen a high for the very strong rally now. What a call! Even though there was no sell signal the pair crashed, leaving a bearish engulfing candle for a sell signal. AND LONGS AT FIRST SUPPORT AT 7140/30 ARE WORKING!!

AUD/JPY beat 8570/80 with shorts stopped above 8600. We wrote: However unfortunately it does look like we have seen a high for the rally at yesterday’s high of 8624…likely to see profit taking now in severely overbought conditions. Another perfect call!!! The pair headed significantly lower leaving a bearish engulfing candle for a sell signal.

Today’s Analysis

AUD/USD held a fraction below the 7555/65 target for profit taking on longs and triggered a sell signal yesterday with the bearish engulfing candle. Longs at good support at 7475/55 targets 7490/7500. Gains are likely to be limited now. However a break above 7510 allows a recovery to 7530/35. Strong resistance at 7555/65 should be a big challenge. It is unlikely we will reach this far but if we do, try shorts with stops above 7580. A weekly close above here is a buy signal targeting very strong resistance at 7630/50.

Longs at 7475/55 are working. Stops below 7440. A break lower is a sell signal targeting 7410/7390, perhaps as far as 7360/50. NZDUSD headed lower exactly as predicted to first support at 7140/30 and THIS WAS THE LOW FOR THE DAY!! Longs are working as we target 7180/90 for profit taking.

Gains are likely to be limited now. If we retest 7200/7220, try shorts with stops above 7240. BUT be ready to sell again at very strong resistance at 7255/75. Stop above 7300. Longs at first support at 7140/30 must stops below 7110. A break lower is a sell signal targeting 7090/80, perhaps as far as 7040/30.

AUD/JPY hit profit taking exactly as predicted and IN FACT MADE A LOW FOR THE DAY EXACTLY AT SUPPORT AT 8510/8490. Longs need stops below 8475. A break lower is a sell signal targeting 8440/20. A break below 8410 is the next sell signal targeting 8370 and 8340. Our longs at 8510/8490 target 8540/50. Gains are likely to be limited but we could reach as far as 8580 for profit taking. I would sell at 8620/40 with stops above 8670. A weekly close above here however is a buy signal for the coming week.

AUD Chart
AUD Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

AUD/USD, NZD/USD, AUD/JPY Update
 

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