AUD/USD Bottoms At Target; NZD/USD Tops Above 6900/10
Jason Sen | Nov 16, 2017 03:26AM ET
AUD/USD bottomed exactly at the target and important 10 month trend line support at 7575/65 exactly as predicted. Longs too risky in the 2 month bear trend and further losses test the far more important 500 dma and Fibonacci support at 7540/30. Try longs with stops below 7500.
Outlook negative for today with first resistance at 7617/20 then a selling opportunity at 7645/49, with stops above 7670. NZD/USD topped just 8 pips above 6900/10 and holding below here again today can re-target 6847/43 before the 6820/16 low for profit taking on all remaining shorts (in case we remain in a sideways trend). Eventually this is likely to break however for a sell signal targeting 6770/60 and 6720/10.
First resistance at 6905/15 could hold a rally but look for a selling opportunity at 6960/70. Stops above 6990. An unexpected break above 7000 however acts as a short term buy signal targeting 7040 and 7065/70.
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