AUD/USD: a break above 0.6910 is an important buy signal

Jason Sen DayTradeIdeas.co.uk

AUD/USD and NZD/USD Daily Forecast

AUD/USD bottomed exactly at our buying opportunity at 6810/00 & longs worked perfectly as we shot higher to our selling opportunity at selling opportunity at 6870/80.

NZD/USD bounced 10 pips below 6540/30 to keep bulls in control hitting targets of 6570/75 & 6600.

Daily Analysis

AUD/USD we are short at 6870/80, with stops above 6890. Next target is the 200 day moving average at 6910/13. A break above here (& weekly close above tomorrow for confirmation) is an important buy signal.

Our shorts at 6870/80 target 6870/65 & first support at 6860/55 but we could reach better support at 6840/30 with a low for the day likely. On further losses take profit on all remaining shorts at 6810/00.

NZD/USD higher at last to 6570/75 & 6600. We topped exactly here on overbought conditions. Shorts are risky but we are testing a 20 month trend line so the risk could be worth taking, with stops above 6614. A break higher is an important buy signal initially targeting 6650/55.

If you try shorts, look for 6580/70 & 6555/50. Strong support at 6540/30 for profit taking.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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