AUD/USD: Aussie could continue higher to retest 0.5965

Jason Sen DayTradeIdeas.co.uk

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.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.