AUD/USD: Holding above 0.6975 keeps bulls in control

AUDUSD – NZDUSD

AUDUSD hit & held the next target of 6970/80 yesterday but this is no longer a resistance level. Holding above 6975 is more positive for today.

NZDUSD shorts at 6525/35 stopped this time above 6550. But longs on the dip back to 6535/25 worked perfectly on the run to the next target of 6579/83.

Daily Analysis

AUDUSD holding above 6975 keeps bulls in control, despite overbought conditions, with a break above 6990 targeting 7010, 7030, 7040 & perhaps as far as the June high at 7060.

Good support at 6975/65 but below 6955 risks a slide to 6940/30, perhaps as far as strong support at 6905/6895.

NZDUSD holding support at 6525/35 to retest the June recovery high at 6579/83. Although overbought, I do not see this level as strong resistance. A break higher today is another buy signal targeting 6615/20, 6630 & perhaps as far as a selling opportunity at 6660/70.

First support at 6640/30. Longs need stops below 6615.

Trends

Weekly outlook is positive.

Daily outlook is positive.

Short Term outlook is positive.