AUD/USD: Selling opportunity at 0.6970

Jason Sen DayTradeIdeas.co.uk

AUD/USD _ NZD/USD

AUDUSD now using 6885/95 as strong support to top exactly at the next target of 6950/60.

NZDUSD shorts at the selling opportunity at 6525/35 offered up to 30 pips profit more on Friday.

Daily Analysis

AUDUSD holding first support at 6905/6895 targets 6950, then a selling opportunity at 6970/80 today, with stops above 6990. A break higher is a buy signal targeting 7010, 7030, 7040 & perhaps as far as the June high at 7060.

Longs at support at 6905/6895 need stops below 6885 for a test of 2 week trend line support at 6850/40. A break lower meets a buying opportunity at 6810/00, with stops below 6775.

NZDUSD shorts at the selling opportunity at 6525/35 worked perfectly with a 25-35 pip profit offered. Shorts need stops above 6550. A break higher retests the June recovery high at 6579/83. A weekly close above is another buy signal.

Shorts at 6525/35 target 6505/00, 6485, perhaps as far as first support at 6460/50. Try longs with stops below 6435. A break lower targets 6390/80, with minor support at 6365/55.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is neutral.

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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