AUD/USD meets minor resistance at 7410/20

Jason Sen DayTradeIdeas.co.uk

AUD/USD, NZD/USD, AUD/JPY

AUDUSD topped exactly at minor resistance at 7410/20 & bottomed exactly at the first target of 7370/60 for a 50 pip scalping profit.

NZDUSD we wrote: Expect strong resistance at 7090/7110. Shorts need stops above 7120.

The pair collapsed from just 2 pips below this level – if you managed a short in time, there was a potential 50 pip profit offered.

AUDJPY lower initially as expected to the next target of 8030/20 before a bounce to resistance at 8100/20.

Daily analysis

AUDUSD meets minor resistance at 7410/20. Holding here in the short term sideways trend targets 7360/70, perhaps as far as 7320/15 before a retest of the July low at 7297/87.

We topped exactly resistance at 7410/20. Expect strong resistance at 7435/45. Shorts need stops above 7455. A break higher is a medium term buy signal.

NZDUSD holding what is now first support at 7050/40. Expect strong resistance at 7090/7110. Shorts need stops above 7120. A break higher is a buy signal initially targeting 7150.

Shorts at 7090/7110 target 7050/40. Expect strong support at 6990/80. Longs need stops below 6970.

AUDJPY bounces back to resistance at 8100/20. A break higher targets 8145/55, perhaps as far as strong resistance at 8200/20. Shorts need stops above 8235.

Holding 8100/20 re-targets 8070/60, perhaps as far as 8030/20 for profit taking on shorts. Minor support at the July low at 7995/85. Expect strong support at 7950/30. A bounce from here is likely at this stage.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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