AUD/USD: a sustained break below 0.6650 is a sell signal
|AUD/USD – NZD/USD
AUDUSD shorts at strong resistance at 6740/45 worked perfectly. We topped exactly here with a 40 pip profit offered already, as we bottomed exactly at the first target of minor support at 6710/05.
NZDUSD we warned of resistance at 6465/75 & further strong resistance at 6500/05. We topped exactly in between these levels. Shorts offered over 50 pips profit already.
Daily Analysis
AUDUSD shorts at strong resistance at 6735/45 target minor support at 6710/05. As I write we bottomed exactly here but further losses look likely to retest support at the 2019 low of 6680/70. Obviously this is the only level that matters this week. A sustained break below 6650 is a sell signal in the 2 year bear trend initially targeting 6620/10. Below 6600 look for 6565/55 & 6535/25.
Shorts at strong resistance at 6740/45 today need stops above 6755. A break higher targets 6765/69 & resistance at 6795/6800.
NZDUSD rejects yesterday's resistance levels to target minor support at 6440/35 & 6420/15. Below 6410 look for 6390 before a retest of 6375/65. A break lower targets 6340/35, perhaps as far as minor support at 6320.
Watch for strong resistance at 6465/75. Shorts need stops above 6500. Be ready to buy a break above 6505 for 6520/25 & 6560/65.
Trends
Weekly outlook is negative.
Daily outlook is negative.
Short Term outlook is negative.
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