AUD/USD remains in a boring sideways trend

Jason Sen DayTradeIdeas.co.uk

AUD/USD and NZD/USD Daily Forecast

AUD/USD remains in a boring sideways trend, likely to trade in a 200 pip range for the foreseeable future as we bounce to 200 day moving average resistance at 6900/6905.

NZD/USD in a 2.5 month bull trend so we are buying in to weakness at this stage. We appear to be forming a bull flag, which means eventually we will break higher. A break above 6612 is a buy signal.

Daily Analysis

AUD/USD first resistance at 6900/6905. A break above 6910 allows a retest of resistance at 6933/38 December highs. A break higher is a medium term buy signal.

First support at 6870/65, 2nd support at 6835/25 but try longs at 6800/6790 with stops below 6775.

NZD/USD break above 6612 is a buy signal targeting 6620/25 before the high at 6636. Further gains meet minor resistance at 6650/55. A high for the day likely if tested today, but shorts are still risky in this short term bull trend.

First support at 6585/80 could hold the downside but below here meets a buying opportunity at 6545/35, with stops below 6520. A break lower targets 6490/80.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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