NZD/USD: A break below 0.6485 is a short term sell signal
|AUD/USD – NZD/USD
AUDUSD remains in the expected sideways trend. We wrote: If we are to remain in the sideways trend, as is likely, we will retrace the July gains & see a correction. First support at 6970/60 could offer a 20-30 pip scalp.
This is exactly what happened & we bottomed exactly at 6970/60 for a potential 40 pip scalp to 7010.
NZDUSD clearly in a sideways trend as we lose Wednesday's gain to test support at 6520/10 for profit taking on any shorts.
| Scalping levels. | Target. | |
| AUDUSD | support at 6970/60 could offer a 20-30 pip scalp. Stop below 6950. |
|
| AUDUSD | Buy at 6930/20 for a bounce as far as 6990, stop below 6900. |
|
| AUDUSD | selling opportunity at 7125/35 with stops above 7160. |
|
| NZDUSD | worth trying shorts at 6590/6600 with stops above 6615 |
6560, 6520 |
| NZDUSD | a break higher targets 6615/20, 6630 & possibly 6660/70 |
6550, 6580 |
| EURUSD | Best support at 1.1385/75 for 40/50 pip scalp, stops below 1.1360. |
1.1440 |
| USDJPY | Sell at 107.50/60, with stops above 107.75. | 107.20, 106.70 |
| EURJPY | selling opportunity at 122.50/60 with stops above 122.90. |
|
| EURJPY | Buy at 121.25/15, with stops below 120.95. | 121.50, 121.80 |
| Gold | buying opportunity again at 1796/94, stops below 1791 |
|
| Gold | buying opportunity at 1784/82. Try longs with stops below 1778. |
|
| Silver | Best support at 1910/05. Try longs with stops below 1895. |
|
| WTI Crude | best support at 4030/10. Longs need stops below 3990. |
4070, 4110 |
Daily Analysis
AUDUSD holding first support at 6970/60 over night. Stop below 6950. Buy at 6930/20 for a bounce as far as 6990, stop below 6900.
Longs at 6970/60 worked on the bounce to 7010. Expect resistance in the 7040/60 band. Stop above 7070. A break higher targets a selling opportunity at 7125/35 with stops above 7160.
NZDUSD first support at 6510/00 today. Longs need stops below 6485. A break lower is a short term sell signal targeting 6470/65 & support at 6440/30 for profit taking on shorts.
Longs at 6510/00 target 6550/60 for profit taking. Further resistance at recovery highs of 6590/6600. A break above 6600 targets 6615/20, 6630 & perhaps as far as a selling opportunity at 6660/70.
| Trends | |
| Weekly Outlook | Positive |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
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