AUD/USD, NZD/USD, AUD/JPY
AUDUSD longs at good support at 7475/55 worked perfectly with a low for the day here & a bounce to our target of 7490/7500. (A high for the day just 12 pips above).
Thursday’s bearish engulfing candle remains a sell signal for this week.
NZDUSD topped out on Thursday as predicted leaving a bearish engulfing candle for a sell signal. However longs at 7140/30 worked on Friday hitting 7180/90 for profit-taking. A high for the day here in fact.
AUDJPY saw a high for the rally at Thursday’s high of 8624 as predicted leaving a bearish engulfing candle for a sell signal. Our longs at 8510/8490 worked perfectly hitting the 8540/50 target for profit taking & in fact this was the high for the day before prices sold off to 8460.
Daily analysis
AUDUSD held good support at 7475/55 & it could be worth trying small longs here again targeting 7490/7500 for profit-taking. Gains are likely to be limited but a break above 7515 allows a recovery to 7530/35. Strong resistance at 7555/65 should be a big challenge. It is unlikely we will reach this far but if we do, try shorts with stops above 7580.
Longs at 7475/55 stop below 7445 (so the risk is very small). A break lower is a sell signal targeting 7410/7390, perhaps as far as 7360/50.
NZDUSD longs at first support at 7140/30 could work again targeting 7180/90 for profit-taking. Gains are likely to be limited now. If we retest 7200/7220, try shorts with stops above 7240. BUT be ready to sell again at very strong resistance at 7255/75. Stop above 7300.
Longs at first support at 7140/30 must stops below 7120 so the risk is very small. A break lower is a sell signal targeting 7090/80 probably as far as 7040/30.
AUDJPY expected to test first support at 8460/40. This may hold on the first test only for a bounce to 8500 but gains are likely to be limited after the sell signal. Unlikely but further gains meet a selling opportunity at 8540/50. Stop above 8570. I would sell again at 8620/40 with stops above 8660.
A break below 8420 is the next sell signal targeting 8370 & 8345/35.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD trades with negative bias, holds above 1.0700 as traders await US PCE Price Index
EUR/USD edges lower during the Asian session on Friday and moves away from a two-week high, around the 1.0740 area touched the previous day. Spot prices trade around the 1.0725-1.0720 region and remain at the mercy of the US Dollar price dynamics ahead of the crucial US data.
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.