AUD/USD, NZD/USD Forecast - Feb 24, 2020
Jason Sen | Feb 24, 2020 04:44AM ET
AUD/USD dipped a little but could not reach the next target in the bear trend. We topped 11 pips from first resistance at 6650/60. A bullish candle in oversold conditions on Friday may signal a more sideways direction at the start of this week.
NZD/USD also lower initially as expected but a bounce from 6301 held 6356. Again a minor bullish candle in oversold conditions could signal sideways movement this week.
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AUD/USD could trade sideways so we move to a scalping strategy, rather than selling into strength and holding shorts. Gains are likely to be limited with first resistance at 6645/50 but above 6660 meets a selling opportunity at 6680/90. Try shorts with stops above 6705.
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Shorts at 6645/50 target 6625/20 for some profit-taking, perhaps as far as 6590/80. A break lower targets 6565/55 and perhaps as far as 6535/25.
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NZD/USD gains are likely to be limited with first resistance at 6345/50 and 2nd resistance at 6370/75. Shorts need stops above 6385 for a selling opportunity at 6405/15. Stop above 6430.
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Shorts at 6370/75 target 6350/45 for some profit-taking, perhaps as far as 6310/00. A break lower is always possible in the bear trend targeting 6280/75 and 6240/30.
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Trends
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Weekly outlook is negative
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Daily outlook is negative
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Short Term outlook is negative
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