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

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Buyers struggle for follow-through, focus on Fed

EUR/USD buyers are struggling to find follow-through, having successfully defended the psychological support at 1.10 on Tuesday with a bullish hammer candle. The Fed may validate the renewed expectations for a 2020 rate cut. 

EUR/USD News

GBP/USD: Modestly flat above 1.3000, Huawei talks in the spotlight

GBP/USD sellers catch a breath after four consecutive days of declines. The UK’s favor for the Chinese tech giant negatively affects its friendship with the US. Brexit headlines keep calm while BOE readies for the decision.

GBP/USD News

Federal interest rate preview: Stable policy and an uncertain future

The course of the American economy has not altered since the previous FOMC meeting on Dec last year. 4Q growth is expected to be 2.1% when the preliminary figures are released by the Bureau of Economic Analysis on Thursday.

Read more

Gold: Bulls looking for a discount in $1560s

Gold top in the making with a weekly shooting star and weekly divergence. The price of gold has been found floundering between 1580 and the 1560s following a surge at the start of the year to the highest levels since March 2013 at $1,611.

Gold News

USD/JPY fills Monday's bearish gap ahead of Fed interest rate

USD/JPY has filled the gap created by Monday's negative open. Coronavirus fears have subsided in the last 24 hours, allowing recovery in USD/JPY. The respite could be short-lived if the Fed sounds dovish, sending the US dollar lower. 

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures