AUD/USD To Retest Last Week's High
Jason Sen | Jul 13, 2020 02:40AM ET
AUD/USD remains in the sideways trend we identified weeks ago. We hit the target and minor support at 6940/30 for profit taking any remaining shorts but bounced 10 pips above strong support at 6910/00
NZD/USD longs at first support at 6555/45 worked perfectly on the bounce to 6588. Same levels apply for today.
AUD/USD minor resistance at 6960/70 before a retest of last week’s high at 7000/10. Be ready to buy a break above here targeting 7040 and the June recovery high at 7055/60 for profit-taking.
Holding 6960/70 targets 6940/30 then a buying opportunity at 6910/00. Stop below 6880. A break lower is a sell signal with 6900/6910 than acting as resistance, targeting 6840/30, perhaps as far as 6810/00.
NZD/USD overbought so could start to trade in a more sideways direction, but we have no sell signal yet. First support at 6555/45, stop below 6535. A break lower sees 6545/55 as resistance targeting 6520 and buying opportunity at 6500/6490, with stops below 6480.A break lower is a sell signal initially targeting a buying opportunity at 6445/35.
A break above 6600 targets 6615/20, 6630 and perhaps as far as a selling opportunity at 6660/70.
h3 Trends/h3- Weekly outlook is positive
- Daily outlook is neutral
- Short Term outlook is neutral
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.