NZD/USD: A break higher 6280 is a buy signal [Video]

Jason Sen DayTradeIdeas.co.uk

AUDUSD soared as the US dollar collapsed, with the Fed printing more money to bail out depositors. The break above 6650/60 hit strong resistance at 6700/20. A high for the day exactly here for the last 2 days so obviously this is key to direction again today. Shorts need stops above 673. A break higher sees 6710/00 act as support to target very strong resistance at 6770/90. Shorts need stops above 6810.

Shorts can target 6660 & 6640/35. If we continue lower look for 6620, perhaps as far as the recent low at 6575/65.

NZDUSD broke higher for a buy signal targeting 6240/50 & almost as far as the March high at 6270/75. We should have strong resistance at 6250/70. Shorts need stops above 6280. A break higher is a buy signal targeting 6310/20, perhaps as far as 6360/70.

Strong support at 6195/85 held yesterday with a low for the day just 4 pips above.

Longs here today need stops below 6170. Longs can target minor resistance at 6250/60. A break above 6275 can target 6310/20.

CADJPY higher to 9780/9800 & as far as 9870. Above here look for 9900/10. Above 9920 can target 9950.

Minor support at 9720/00. We have a 2 year trend line & 100 week plus 500 day moving average support at 9615/9595 as we become oversold on the daily chart. Longs need stops below 9560. A break lower is an important sell signal targeting 9480/60 for profit taking.

AUDJPY also meet a 15 year trend line & 100 week plus 500 day moving average support at 8790/80 as we become oversold on the daily chart. Longs need stops below 8740.

Author

Jason Sen

DayTradeIdeas.co.uk

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