AUD/USD: Longs need stops below 7420

Jason Sen DayTradeIdeas.co.uk

AUD/USD, NZD/USD, AUD/JPY

AUDUSD held 6 pips above support at 7370/60 & continues higher in the bull trend with the US dollar weaker as predicted reaching our target of 7495/99.

NZDUSD longs have done very well as we hit my targets of 7015/20, 7075/80, 7135/40 & the September high at 7165/70.

AUDJPY pushed through strong resistance at 8355/75 for a buy signal targeting 8440/50 & 8495/8505, 8530 & the May high at 8570/80. This target hit as I write this morning for a huge profit on longs.

Daily analysis

AUDUSD beat 7400/20 with a weaker US dollar for a medium-term buy signal initially targeting 7450 & mowing 7495/99 (hit as I write this morning). Further gains are expected despite severely overbought conditions targeting 7530/35 & 7555/65 for profit taking on longs.

First support at 7440/30. Longs need stops below 7420.

NZDUSD higher to my targets as far as the September high at 7165/70. Obviously, the last time we hit this area the pair dropped significantly so this is key. Shorts are risky but if you try, stop above 7185, keeping risks low. A break higher is a buy signal targeting 7210 then very strong resistance at 7255/75.

Any shorts at 7165/70 target 7140/30 then 7100/7090.

AUDJPY longs on the break above 8355/75 make up to 200 pips as we hit the target of 8570/80. This is very important being high for 2021 reached in May. A similar situation for NZDUSD. Shorts need stops above 8600. A break above here is a buy signal initially targeting 8640/50.

If you decide to try shorts at 8570/80 look for 8540/35 then 8500/8490 for profit-taking.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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