NZD/USD: Key support at 0.5940/30

Jason Sen DayTradeIdeas.co.uk

AUD/USD _ NZD/USD

AUDUSD beat 6130 for a buy signal, hitting our target & minor resistance at the 6210/13 recovery high. We topped exactly here so of course this is key to direction.

NZDUSD bounced just 2 pips above first support at 5915/05 & shot higher through 5960 for a buy signal targeting 5980/85 then 6010/20. We topped exactly here.

Daily Analysis

AUDUSD strong support at 6100/6080. Longs need stops below 6040. A break lower is a sell signal targeting 6010/00 & 5985/80.

First resistance at the 6210/13 recovery high. A break higher is a buy signal targeting 6240/45 & 6290/6300.

NZDUSD key support at 5940/30. Longs here target 5965, 5980/85 then 6010/20. On further gains look for 6035 before a retest of resistance at the 6065/70 recovery high.

Longs at at 5940/30 stop below 5920. A break lower is a sell signal targeting 5895, 5870/60 & perhaps as far as 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

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