NZD/USD: be ready to buy a break above 6440

Jason Sen DayTradeIdeas.co.uk

AUD/USD very oversold on the daily chart but no buy signal so longs are too risky.

NZDU/SD trades sideways in just a 45 pip range for 2 weeks. Last week's range was just 17 pips.

AUD/USD edges lower in the bear trend to 6751. Further losses target 6740 & 6725/20, perhaps as far as 6705/00.
Try shorts at 6775/80 with stops above 6790. A break higher targets 6820/25.

NZD/USD first resistance at 6434/38. Be ready to buy a break above 6440 targeting 6460/65. A break above 6470 is buy signal targeting 6485/90 & important 13 month trend line resistance at 6530/35.
First support at 6390/80 but longs need stops below 6360. A break lower is a sell signal targeting the November low at 6320/15. A break lower targets 6305/00, 6290/85 & perhaps as far as 6265/60.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is negative.

Author

Jason Sen

DayTradeIdeas.co.uk

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