AUD/USD: Bulls need a break above 7900 for a significant longer term buy signal
|AUD/USD, NZD/USD, AUD/JPY
AUDUSD beat the April triple top high of 7817 for a positive for start this week. We topped exactly at the 500 month MA at 7880/85.
NZDUSD has finally beaten 100 & 200 month MA’s at 7170/7195 on a weekly closing basis, for the first time in 7 years. The main challenge for bulls this week is the 500 week moving average at 7300/10. WE TOPPED EXACTLY HERE YESTERDAY. So a break above here is a very important longer term buy signal.
AUDJPY spent 2 months trading sideways & holding important 500 week moving average resistance at 8440/50. For 10 weeks we failed to close the week above this important area. Finally we have a weekly close above here on Friday for an important longer term buy signal.
Daily analysis
AUDUSD as I explained yesterday, the 20 pip range from 7835 to 7815 is obviously key support this week. Last week’s bullish engulfing candle should be positive for this week, targeting the 500 month MA at 7880/85. WE TOPPED EXACTLY HERE YESTERDAY. Obviously this is key to direction again today. Bulls need a break above 7900 for a significant longer term buy signal. look for 7930/35, 7965/75 & 8000/8010 (just to start).
Longs at 7835/15 need stops below 7795. A break lower to targets 7760/50.
NZDUSD TOPPED EXACTLY AT very strong resistance at 7300/10. If the pair can break & hold above 7325 we have a significant longer term buy signal initially targeting 7370/75, 7420/25 & the 2021 high at 7445/65, perhaps as far as 7540/60 (just to start).
Failure to beat very strong resistance at 7300/10 risks a slide to 7240 & strong support at 7220/10. Longs need stops below 7190. A buying opportunity at 7170/60, stop below 7150.
AUDJPY finally beats very important 500 week plus 200 & 100 month moving average resistance at 8440/70 & the March high at 8534/45 to hit 8580 yesterday. A break above is very positive this week, initially targeting 8635/55 & 8720.
However the pair unexpectedly collapsed yesterday to close unchanged. Not the candle bulls are looking for. Obviously we have very strong support at 8480/40. Longs need stops below 8410.
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