NZD/USD Severely Oversold, Bounce Likely
Jason Sen | Aug 23, 2023 04:16AM ET
NZDJPY made a high for the day exactly at strong resistance at 8690/8700. Shorts need stops above 8720.
Targets: 8660, 8630
NZDUSD severely oversold so a bounce is possible to minor resistance at 5975/85 (a high for the day only 3 pips below yesterday). Shorts need stops above 5995.
Strong resistance at 6015/25. Shorts need stops above 6040.
USDCAD support at 1.3520/10.
AUDUSD did bounce to resistance at 6460/80 as predicted with a high for the day only 3 pips below.
Shorts need stops above 6510.
Targets: 6430, 6380
EURUSD made a high for the day only 5 pips from strong resistance at 1.0935/50.
GBPUSD forms a 3-week descending triangle as I wait to see if the head & shoulders reversal pattern plays out on the daily chart.
Strong resistance at 1.2815/35 & shorts need stops above 1.2855.
Support at the neckline at 1.2635/15. So this is the key level.
A break below 1.2595 however will be an important longer-term sell signal - I have my eye on it!
EURCAD made a high for the day exactly at strong resistance at 1.4780/1.4800 before a 98 pip collapse. Shorts here again on a retest this week need stops above 1.4820. A break higher should be a buy signal targeting 1.4870/80.
AUDCAD we are short at strong resistance at 8730/50. Shorts need stops above 8765.
Targets: 8690, 8660, 8630.
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