NZD/USD: A break below 0.6485 is a short term sell signal

Jason Sen DayTradeIdeas.co.uk

AUD/USD – NZD/USD

AUDUSD remains in the expected sideways trend. We wrote: If we are to remain in the sideways trend, as is likely, we will retrace the July gains & see a correction. First support at 6970/60 could offer a 20-30 pip scalp.

This is exactly what happened & we bottomed exactly at 6970/60 for a potential 40 pip scalp to 7010.

NZDUSD clearly in a sideways trend as we lose Wednesday's gain to test support at 6520/10 for profit taking on any shorts.

	Scalping levels.	Target.
AUDUSD	support at 6970/60 could offer a 20-30 pip scalp. Stop below 6950.
AUDUSD	Buy at 6930/20 for a bounce as far as 6990, stop below 6900.
AUDUSD	selling opportunity at 7125/35 with stops above 7160.
NZDUSD	worth trying shorts at 6590/6600 with stops above 6615	6560, 6520
NZDUSD	a break higher targets 6615/20, 6630 & possibly 6660/70	6550, 6580
EURUSD	Best support at 1.1385/75 for 40/50 pip scalp, stops below 1.1360.	1.1440
USDJPY	Sell at 107.50/60, with stops above 107.75.	107.20, 106.70
EURJPY	selling opportunity at 122.50/60 with stops above 122.90.
EURJPY	Buy at 121.25/15, with stops below 120.95.	121.50, 121.80
Gold	buying opportunity again at 1796/94, stops below 1791
Gold	buying opportunity at 1784/82. Try longs with stops below 1778.
Silver	Best support at 1910/05. Try longs with stops below 1895.
WTI Crude	best support at 4030/10. Longs need stops below 3990.	4070, 4110

Daily Analysis

AUDUSD holding first support at 6970/60 over night. Stop below 6950. Buy at 6930/20 for a bounce as far as 6990, stop below 6900.

Longs at 6970/60 worked on the bounce to 7010. Expect resistance in the 7040/60 band. Stop above 7070. A break higher targets a selling opportunity at 7125/35 with stops above 7160.

NZDUSD first support at 6510/00 today. Longs need stops below 6485. A break lower is a short term sell signal targeting 6470/65 & support at 6440/30 for profit taking on shorts.

Longs at 6510/00 target 6550/60 for profit taking. Further resistance at recovery highs of 6590/6600. A break above 6600 targets 6615/20, 6630 & perhaps as far as a selling opportunity at 6660/70.

Trends
Weekly Outlook	Positive
Daily Outlook	Neutral
Short Term Outlook	Neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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