How Will the Inflation Numbers Move Currency Markets?
Jason Sen | May 10, 2023 04:42AM ET
AUD/USD has now established a new range from 6580/70 up to 6790/6810. A high for the day exactly here on Monday so we remain in the 2-month range.
Shorts hit my target & minor support at 6750/45. I suggested we take at least some profit here as this market can reverse for no reason in the sideways range. A low for the day exactly here as expected.
If you still have a portion of the short position you need a break below 6740 to target 6735, perhaps as far as a buying opportunity at 6720/10. Longs need stops below 6690.
Shorts on a retest of resistance at 6790/6810 need stops above 6830. A break higher is a buy signal for this week targeting 6860/70 & 6915/25.
NZD/USD only reached 6359 after my buy signal, not as far as my 6380/90 target for profit taking.
I am going to suggest a short today at 6360/70, stop above 6395. A break higher is a buy signal & can target 6480/90.
Shorts at 6360/70 target support at 6310/6290 for profit taking. Longs need stops below 6270.
NZD/JPY retests the upper trend line of the 4-month range at 8550/70. Shorts need stops above 8595. Targets is 8470/50.
A break above 8595 should be a buy signal targeting 8630/40 & 8680/90.
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