AUD/USD: Downside limited – Below 0.6435 risks a slide to 0.6420

AUD/USD –  NZD/USD

AUDUSD we wrote: Above 6410 retests important 4 month trend line resistance at 6435/45; stops above 6465.

Shorts here were stopped for a more positive outlook for today targeting a selling opportunity at 6500/10.

NZDUSD we wrote: holding first support at 5990/80 (low was 5991, although it was probably too early to have allowed us to buy here) targets 6030/40 perhaps as far as resistance at 6050/55. Shorts need stops above 6070.

This was a little frustrating because we topped at 6075...I like to be pinpoint accurate...but if you managed to hold shorts the pair collapsed to 6017.

Daily Analysis

AUDUSD holding first support at 6450/40 targets a selling opportunity at 6500/10 (swing trade opportunity – we could head significantly lower from here) with stops above 6540.

I think the downside is limited for today but below 6435 risks a slide to 6420/10. If we fall as far as 6390/80, try longs with stops below 6360.

NZDUSD holding first support at 6010/00 allows a recovery to 6030/40 perhaps as far as resistance at 6060/70. Shorts need stops above 6090. A break higher is a buy signal targeting 6105/10 & 6125/30.

Longs at 6110/00 stop below 5990. A break lower is a sell signal targeting 5955/45, perhaps as far as strong support at 5900/5890.

Trends

Weekly outlook is negative.

Daily outlook is neutral.

Short Term outlook is positive.