NZD/USD: No sell signal yet

Jason Sen DayTradeIdeas.co.uk

AUD/USD _ NZD/USD

AUDUSD remains in the expected sideways trend. We shot higher from 9 pips above ourbuying opportunity at 6910/00 for a retest of minor resistance at last week’s high at 7000/10.

NZDUSD longs at our buying opportunity at 6500/6490 this trade worked perfectly on thebounce to minor resistance at 6550/60 fora potential 50 pips profit so far.

Daily Analysis

AUDUSD retests minor resistance at last week’s high at 7000/10. Be ready to buy a breakabove here targeting 7040 & the June recovery high at 7055/60 for profit taking. A breakabove 7070 targets a selling opportunity at 7125/35.

Holding minor resistance at last week’s high at 7000/10 targets a buying opportunity at6960/55. Stop below 6945. Next downside target & buying opportunity at 6910/00. Stopbelow 6885. A break lower is a sell signal with 6900/6910 then acting as resistance, targeting
6840/30, perhaps as far as 6810/00.

NZDUSD overbought so could start to trade in a more sideways direction, but we have no sellsignal yet. We are testing minor resistance at 6550/60 before resistance at recovery highs of6590/6600. A break above 6600 targets 6615/20, 6630 & perhaps as far as a sellingopportunity at 6660/70.

If we reverse from minor resistance at 6550/60 we re-target 6520 with a buying opportunityat 6500/6490, with stops below 6480. A break lower is a sell signal initially targeting minorsupport at 6445/35.

Trends

Weekly outlook is positive

Daily outlook is neutral

Short Term outlook is neutral

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.

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