AUD/USD: holding the important 2019 low of 6675

Jason Sen DayTradeIdeas.co.uk

AUDUSD – NZDUSD

AUDUSD bottomed exactly at the important 2019 low of 6675/68 for a bounce to strong resistance at 6760/70. We topped exactly here with shorts offered up to 30 pips profit yesterday.

NZDUSD tests & holds the 100 day moving average at 6465/60 & bounces perfectly to test & hold 3 pips below minor resistance at 6505/10.

Daily Analysis

AUDUSD held the important 2019 low of 6675/68 in severely oversold condition with longs working perfectly on the bounce to strong resistance at 6760/70 & shorts here offered 30 pips profit. Shorts need stops above 6780. A break higher targets 6800 & a selling opportunity at 6815/25, with stops above 6835.

First support at 6735/30 but better support at 6715/10 could hold the downside. Below risks a retest of support at 6680/70. A sustained break below 6650 is a sell signal in the 2 year bear trend initially targeting 6620/10. Below 6600 look for 6565/55 & 6535/25.

NZDUSD longs at the 100 day moving average at 6465/60 work in severely oversold conditions as we bounce towards minor resistance at 6505/10. A break higher meets stronger resistance at 6520/25. Above 6535 meets a selling opportunity at 6560/70 with stops above 6580.

Best support at 6780/70 held perfectly yesterday but below a break below 6450 is a sell signal targeting 6435/30 & 6415/10. A break below 6400 then the next sell signal.

Trends

Weekly outlook is negative.

Daily outlook is negative.

Short Term outlook is positive.

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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