AUD/USD Beats Resistance; NZD/USD To Trade Sideways
Jason Sen | May 11, 2018 02:56AM ET
AUD/USD unexpectedly beat resistance at 7500/05 and although stops above 7540 have not been activated, if we do break higher look for 7565/70, 7600/10 and perhaps as far as 7645/55.
We have support at 7500/7490 now. Below here however targets 7460/55 before the 7415/10 low. Unlikely, but a break lower targets 7385, 7365/60 and perhaps as far as support at 7335/25 in to next week.
NZD/USD now expected to trade sideways to ease oversold conditions. Minor resistance at 6975 then strong resistance at 7015/20 the best chance of a high for the day. Shorts need stops above 7045. An unexpected break higher targets 7090/95.
Failure to beat 6975 targets 6950/45. The downside is expected to be limited but below here retests 6905/00 which should hold. An unexpected break lower however targets 6885/81, 6870 and perhaps as far as 6850/40.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.