AUD/USD: Below 0.5860 shows bears regaining control

Jason Sen DayTradeIdeas.co.uk

AUD/USD – NZD/USD

AUDUSD shorts at 5965/85 unfortunately stopped above 6010 but we did not make as far as our selling opportunity at 6100/6120.

NZDUSD we wrote: could continue higher to stronger resistance at recent swing highs & a selling opportunity at 5915/35.

Damn! Missed it by 4 pips.

Daily Analysis

AUDUSD bulls need to hold 5900/5880 to maintain the short term recovery. Holding above 5940 is more positive targeting 5975/80 & 6020/25 before a retest of 6072. Try shorts at 6080/6100 with stops above 6140.

Below 5860 shows bears regaining control of the trend targeting 5800/5790, perhaps as far as 5740/20.

NZDUSD holding minor support at 5790/5770 (& break above 5825) gives me hope of a bounce back towards our selling opportunity at 5915/35 with stops above 5970. A break higher targets 6010 & 6030/40.

Minor support at 5790/5770 but it could be worth a short on a break below 5750 targeting 5720, 5700/5690 & perhaps as far as 5645/35 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 positive.

Author

Jason Sen

DayTradeIdeas.co.uk

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