AUD/USD: If bulls are to engineer a recovery, this is their best chance for a while

Jason Sen DayTradeIdeas.co.uk

AUD/USD _ NZD/USD

AUDUSD retests important support at the 2019 low of 6680/70 & holds just 14 pips below.

NZDUSD we wrote: shorts below 6450 work after the sell signal targeting 6415/10. A break below 6400 then the next sell signal as we look for 6375/65...

All targets hit again.

Daily Analysis

AUDUSD retests support at the 2019 low of 6680/70. Obviously this is the only level that matters this week. 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.

If bulls are to engineer a recovery, this is their best chance for a while. Longs are always risky in a bear trend but if a bounce is seen, we target first resistance at 6705/10. Above 6720 targets strong resistance at 6735/45. Shorts need stops above 6760.

NZDUSD slower again in the bear trend as predicted, hitting next target of 6375/65 as we look for 6340/35, perhaps as far as minor support at 6320.

Gains are likely to be limited in the bear trend with minor resistance at 6400/10 but above 6420 allows a recovery to towards a selling opportunity at 6440/50, with stops above 6460.

Trends Weekly

Outlook is negative.

Daily outlook is negative.

Short Term outlook is negative.

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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