AUD/USD, NZD/USD, AUD/JPY Forecast
Jason Sen | Aug 16, 2021 06:28AM ET
AUD/USD has no clear trend or pattern to follow as we trade sideways for 3 weeks—up one day, down the next. in the sideways trend. On Friday we won back Thursday’s losses to confirm this pattern, holding a 3 week trend line support at 7325/15 to test minor resistance at 7360/70.
NZD/USD bottomed exactly at strong support at 6990/80. Longs worked on the bounce to minor resistance at 7040/50 for a 50 pip scalp. We topped exactly here.
AUD/JPY is back below 8100/20, so clearly this level is no longer reliable.
h2 Today’s Analysis/h2AUD/USD has 4 week trend line resistance at 7390/7400. Shorts need stops above 7410. A break higher targets 7435/40. We should struggle to beat this level here initially, but shorts may be too risky. If we continue higher look for 7480. There's a three week trend line support at 7325/15. Longs need stops below 7305. A break lower retests the July low at 7290/85. A break below 7280 is a sell signal targeting strong support at 7235/25. Longs need stops below 7205.
NZD/USD is up one day, down the next day in a sideways trend. The chart is a mess and it's difficult to identify reliable levels. However, the bounce from 6990/80 topped exactly at the first target of 7040/50 for a nice 50 pip scalp. Expect strong resistance at 7090/7110. Shorts need stops above 7120. A break higher is a buy signal initially targeting 7150. First support at 6990/80. Longs need stops below 6965. A break lower targets 6940/35, perhaps as far as 6900/6890.
AUD/JPY sees minor resistance at 8100/8110, then the 3 week trend line resistance at 8135/45 in the sideways trend. A break above 8160 targets 8205/15. Minor support at 8050/40 and again at the July low at 7995/85. Expect strong support at 7950/30. A bounce from here is likely at this stage.
Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
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.