AUD/USD – NZD/USD
AUDUSD more stable in line with other markets & therefore I think we want to switch to more of a scalping/range trading strategy....being mindful of the potential for further downside moves should further shocks arise.
NZDUSD held first support at 5650/00 perfectly for a bounce to our first target of 5790/5810 (as I write) as we range trade as predicted. Hopefully you bagged around 150 pips!
Daily Analysis
AUDUSD tests resistance at 5880/5920 but could continue higher today to retest the last short term swing high at 5965/85. Try shorts with stops above 6010. A break higher targets 6030 then strong resistance at 6080/6100.
Shorts at 5965/85 target 5900 & 5840, perhaps as far as support at 5820/10. A break below targets 5790 then 5750 before strong support at late 2002 highs of 5688/78. Longs need stops below 5650. Next targets are 5600/5580, 5550/40, 5500/5480.
NZDUSD holding above first support at 5740/30 (which is 1 week descending trend line) targets only minor resistance at 5790/5810 (& we topped exactly here over night). A break higher targets 5840/50 before stronger resistance at recent swing highs at 5880/5915. Try shorts with stops above 5940.
Longs at first support at 5740/30 need stops below 5700 which risks a slide to 5635/00 before the short term range low of 5610/5590. A break lower targets 5550/30 before strong support at 5490/70 low. A break lower targets 5450/40, 5360/40, 5300/5280, 5220/5200 & 5130/10.
Trends
Weekly outlook is negative.
Daily outlook is negative.
Short Term outlook is negative.
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