AUD/USD, NZD/USD, AUD/JPY Forecast
Jason Sen | Aug 23, 2021 08:14AM ET
AUD/USD tested strong support at 7150/40 but over ran quite far to 7104.
NZD/USD breaks support at 6860/40, which was not a surprise, for a sell signal.
AUD/JPY broke strong support at 7950/30 for a sell signal targeting 7870/60 and 7810/00. Targets hit as we bounced from 7786.
h2 Today’s Analysis/h2AUD/USD has strong support at 7140/20, but a break below the 2 month descending trend line support at 7090 is a sell signal initially targeting the longer term 38.2% Fibonacci support at 7060/50. Although this may hold on the first test this week, I doubt it will hold all week. A break below 7040 is an important longer term sell signal. Gains are likely to be limited with first resistance at 7175/85. Strong resistance at 7220/30. Shorts need stops above 7245.
NZD/USD breaks 6860/40 for a sell signal targeting strong support at 6765/45. There is also strong support at 6710/00. The pair should bounce within this wide range. Today gains are likely to be limited with resistance at 6870/80. Unlikely, but if we continue higher look, for a sell opportunity at 6910/20. Stop above 6930.
AUD/JPY support at 7810/00 in oversold conditions. Longs need stops below 7780. A break lower is a sell signal targeting 7740, 7710/00 and probably as far as strong support at 7680/70. Longs at 7810/00 target 7860 with first resistance at 7895/7905 for profit taking.
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