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NZD/USD, AUD/USD Oversold; USD/CAD Hits 1st Target: What's Next?

Published 08/21/2023, 04:11 AM

NZDUSD is severely oversold so a bounce is possible to minor resistance at 5975/85. Shorts need stops above 5995.

Strong resistance at 6015/25. Shorts need stops above 6040.

NZD/USD Chart

USDCAD longs at support at 1.3475/55 are working as we hit the first target of 1.3560. This week I look for 1.3595, 1.3640.

Minor support at 1.3520/10 1.3500.

Strong support at 1.3475/65 1.3445.

USD/CAD Chart

AUDUSD may stabilize for a short period to ease severely oversold conditions but the trend is definitely negative. Although I would not try a long, a bounce to resistance at 6480/6500 is certainly possible.

Shorts need stops above 6510.

Targets: 6445, 6410.

AUD/USD Chart

EURUSD resistance at 1.0930/50. Shorts need stops above 1.0970.

EUR/USD Chart

GBPUSD forms a 3-week descending triangle as I wait to see if the head & shoulders reversal pattern plays out on the daily chart.

Minor resistance at 1.2770/90 if you want to try a 50 scalp - shorts need stops above 1.2810.

Support at the neckline at 1.2635/15. So this is the key level.

A break below 1.2595 however will be an important longer-term sell signal - I have my eye on it!

Strong resistance at 1.2815/35. Shorts need stop above 1.2855.

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