AUD/USD: the last line of defense for bulls is the 0.6875 support
|AUD/USD and NZD/USD Daily Forecast
AUD/USD shorts at 6870/80 unfortunately stopped stops above 6890 & we also beat the 200 day moving average at 6910/13 for a buy signal.
NZD/USD bounced 10 pips below 6540/30 to keep bulls in control hitting targets of 6570/75 & 6600.
Daily Analysis
AUD/USD holding above 6910 maintains the buy signal & a break above the October/November 6928/29 high acts as a further buy signal targeting 6940, 6965/70 & 7010/20.
The last line of defence for bulls is the 68785/75 support. Longs need stops below 6860.
NZD/USD easily broke the 20 month trend line for an important buy signal initially targeting 6650/55. A high for the day likely but shorts are still risky in this short term bull trend. We could could trade sideways at this stage to ease overbought conditions in to next week.
Downside expected to be limited with support at 6580/70. Try longs with stops below 6550.
Trends
Weekly outlook is negative
Daily outlook is neutral
Short Term outlook is neutral
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