AUD/USD: Buying opportunity at 7140

Jason Sen DayTradeIdeas.co.uk

AUD/USD – NZD/USD

AUDUSD hits the best support for the day at 7260/50 but unfortunately over an as far as 7220 before the expected bounce, hitting the target of 7290/7300.

NZDUSD topped exactly at strong resistance at 6785/95 & bottomed exactly at important support at 6675/65 as predicted offering up to 110 + 60 easy, stress-free pips profit last week.

Daily Analysis

AUDUSD managed a bounce to 7290/7300, perhaps as far as resistance at 7340/45 today. I do not have a high conviction for trading levels today so a wait & see approach may be best. If we continue higher look for 7290/85 before a retest of resistance at 7405/15 highs.

2 month trend line support at 7230/20 worked on Friday. Longs need stops below 7210 for a sell signal targeting 7195/90 then a buying opportunity at 7140/30, with stops below 7115.

NZDUSD longs at 6675/65 worked perfectly on the bounce to 6700 & almost as far as 6740/45. This is today's first resistance but of course the best selling opportunity is at 6785/95. I'm looking for a double top sell signal here. Stop above 6815. A break higher is a buy signal for this week.

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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