AUD/USD meets minor resistance at 7410/20
|AUD/USD, NZD/USD, AUD/JPY
AUDUSD topped exactly at minor resistance at 7410/20 & bottomed exactly at the first target of 7370/60 for a 50 pip scalping profit.
NZDUSD we wrote: Expect strong resistance at 7090/7110. Shorts need stops above 7120.
The pair collapsed from just 2 pips below this level – if you managed a short in time, there was a potential 50 pip profit offered.
AUDJPY lower initially as expected to the next target of 8030/20 before a bounce to resistance at 8100/20.
Daily analysis
AUDUSD meets minor resistance at 7410/20. Holding here in the short term sideways trend targets 7360/70, perhaps as far as 7320/15 before a retest of the July low at 7297/87.
We topped exactly resistance at 7410/20. Expect strong resistance at 7435/45. Shorts need stops above 7455. A break higher is a medium term buy signal.
NZDUSD holding what is now first support at 7050/40. Expect strong resistance at 7090/7110. Shorts need stops above 7120. A break higher is a buy signal initially targeting 7150.
Shorts at 7090/7110 target 7050/40. Expect strong support at 6990/80. Longs need stops below 6970.
AUDJPY bounces back to resistance at 8100/20. A break higher targets 8145/55, perhaps as far as strong resistance at 8200/20. Shorts need stops above 8235.
Holding 8100/20 re-targets 8070/60, perhaps as far as 8030/20 for profit taking on shorts. Minor support at the July low at 7995/85. Expect strong support at 7950/30. A bounce from here is likely at this stage.
Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.