NZD/USD: Be ready to buy a break above 0.5960
AUD/USD – NZD/USD
AUDUSD unexpectedly rallied to test strong resistance at 6110/20. A break above 6130 is a buy signal.
NZDUSD unexpectedly reversed Friday's losses to our selling opportunity at 5920/30 with stops above 5960, but we have reached 5962.
Today's Analysis
AUDUSD tests strong resistance at 6110/20. A break above 6130 is a buy signal targeting 6170 before minor resistance at the 6210/13 recovery high. A break higher is a buy signal targeting 6240/45 & 6290/6300.
Shorts at 6110/20 meet support at 6070/60. A break below 6050 targets 6010/00 before support at 5985/75 for profit taking on any remaining shorts.
NZDUSD be ready to buy a break above 5960 targeting 5980/85 then 6010/20. On further gains look for 6035 before a retest of resistance at the 6065/70 recovery high.
Holding below 5960 is more negative for today targeting 5930/25 with first support at 5915/05. A break below 5895 is more negative again targeting 5870/60 & support at 5845/40 for profit taking on any remaining shorts.
Trends
Weekly outlook is negative.
Daily outlook is neutral.
Short Term outlook is positive.
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.
