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.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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