AUD/USD: a sustained break below 0.6650 is a sell signal

Jason Sen DayTradeIdeas.co.uk

AUD/USD – NZD/USD

AUDUSD shorts at strong resistance at 6740/45 worked perfectly. We topped exactly here with a 40 pip profit offered already, as we bottomed exactly at the first target of minor support at 6710/05.

NZDUSD we warned of resistance at 6465/75 & further strong resistance at 6500/05. We topped exactly in between these levels. Shorts offered over 50 pips profit already.

Daily Analysis

AUDUSD shorts at strong resistance at 6735/45 target minor support at 6710/05. As I write we bottomed exactly here but further losses look likely to retest support at the 2019 low of 6680/70. Obviously this is the only level that matters this week. A sustained break below 6650 is a sell signal in the 2 year bear trend initially targeting 6620/10. Below 6600 look for 6565/55 & 6535/25.

Shorts at strong resistance at 6740/45 today need stops above 6755. A break higher targets 6765/69 & resistance at 6795/6800.

NZDUSD rejects yesterday's resistance levels to target minor support at 6440/35 & 6420/15. Below 6410 look for 6390 before a retest of 6375/65. A break lower targets 6340/35, perhaps as far as minor support at 6320.

Watch for strong resistance at 6465/75. Shorts need stops above 6500. Be ready to buy a break above 6505 for 6520/25 & 6560/65.

Trends

Weekly outlook is negative.

Daily outlook is negative.

Short Term outlook is negative.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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