NZD/USD: No sell signal yet
|AUD/USD _ NZD/USD
AUDUSD remains in the expected sideways trend. We shot higher from 9 pips above ourbuying opportunity at 6910/00 for a retest of minor resistance at last week’s high at 7000/10.
NZDUSD longs at our buying opportunity at 6500/6490 this trade worked perfectly on thebounce to minor resistance at 6550/60 fora potential 50 pips profit so far.
Daily Analysis
AUDUSD retests minor resistance at last week’s high at 7000/10. Be ready to buy a breakabove here targeting 7040 & the June recovery high at 7055/60 for profit taking. A breakabove 7070 targets a selling opportunity at 7125/35.
Holding minor resistance at last week’s high at 7000/10 targets a buying opportunity at6960/55. Stop below 6945. Next downside target & buying opportunity at 6910/00. Stopbelow 6885. A break lower is a sell signal with 6900/6910 then acting as resistance, targeting
6840/30, perhaps as far as 6810/00.
NZDUSD overbought so could start to trade in a more sideways direction, but we have no sellsignal yet. We are testing minor resistance at 6550/60 before resistance at recovery highs of6590/6600. A break above 6600 targets 6615/20, 6630 & perhaps as far as a sellingopportunity at 6660/70.
If we reverse from minor resistance at 6550/60 we re-target 6520 with a buying opportunityat 6500/6490, with stops below 6480. A break lower is a sell signal initially targeting minorsupport at 6445/35.
Trends
Weekly outlook is positive
Daily outlook is neutral
Short Term outlook is neutral
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