NZD/USD likely to continue this trend into the end of the week

Jason Sen DayTradeIdeas.co.uk

AUDUSD sideways as predicted holding first resistance at 6910/20 & the first downside target of 6870/65.

NZDUSD also sideways as predicted & likely to continue this trend in to the end of the week, holding both first resistance at 6480/90 & the first downside target of 6430/20.

Daily Analysis

AUDUSD first resistance at 6905/20 re-targets 6870/65 then a buying opportunity at 6810/00 with stops below 6775. A break lower is a sell signal targeting 6735/25. Buy at 6700/6690 with stops below 6665.

Bulls need a sustained break above 6930 for a buy signal today targeting 6960/70, perhaps as far as 7000/10. Gains are likely to be limited in what I believe will be a sideways trend.

NZDUSD minor resistance at 6480/90 then a selling opportunity at strong resistance at 6525/35 with stops above 6550. An unexpected break higher retests resistance at last week's high of 6570/80.

Holding first resistance at 6480/90 again today re-targets 6430/20 before support at the lower end of the range at 6390/80 for profit taking on any shorts. A break lower targets a buying opportunity at 6325/15. Longs need stops below 6290.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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