AUD/USD: Shorts need stops above 7700

Jason Sen DayTradeIdeas.co.uk

AUD/USD – NZD/USD

AUDUSD topped exactly at the head & shoulders neckline at 7665/85 as predicted. Minor support at 7615/05 holding perfectly too – we are stuck in this range.

NZDUSD topped exactly at strong resistance at 7060/70 yesterday.

Daily analysis

AUDUSD has strong resistance at the head & shoulders neckline at 7665/85 again today but shorts need stops above 7700. A break higher targets 7725/29.

Minor support at 7615/05 at the other end of the range is holding giving us 50 pip scalping opportunities. Below 7595 today keeps bears in control of the 1-month trend targeting 7575/65 & 7535/30 before very strong support at 7520/10.

NZDUSD topped exactly at strong resistance at 7060/70 again yesterday as predicted. However a break above 7085 opens the door to very strong resistance at 7105/15. Stop above 7040.

Looks like we are forming a bear flag so eventually we should turn lower & holding below 7030/35 adds pressure. A break below 7010 can retest last week’s low at 6950/40. A break below 6940 is likely to test the 200 day moving average at 6900/6890.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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