Forex Opinion & Analysis


AUD/USD topped exactly at minor resistance at 7410/20 and bottomed exactly at the first target of 7370/60 for a 50 pip scalping profit.

NZD/USD we wrote: Expect strong resistance at 7090/7110. Shorts need stops above 7120. The pair collapsed from just 2 pips below this level—if you managed a short in time, there was a potential 50 pip profit offered.

AUD/JPY lower initially as expected to the next target of 8030/20 before a bounce to resistance at 8100/20.

Today’s Analysis

AUD/USD meets minor resistance at 7410/20. Holding here in the short term sideways trend targets 7360/70, perhaps as far as 7320/15 before a retest of the July low at 7297/87. We topped exactly at resistance at 7410/20. Expect strong resistance at 7435/45. Shorts need stops above 7455. A break higher is a medium term buy signal.

NZD/USD holding what is now first support at 7050/40. Expect strong resistance at 7090/7110. Shorts need stops above 7120. A break higher is a buy signal initially targeting 7150. Shorts at 7090/7110 target 7050/40. Expect strong support at 6990/80. Longs need stops below 6970.

AUD/JPY bounces back to resistance at 8100/20. A break higher targets 8145/55, perhaps as far as strong resistance at 8200/20. Shorts need stops above 8235. Holding 8100/20 re-targets 8070/60, perhaps as far as 8030/20 for profit taking on shorts. Minor support at the July low at 7995/85. Expect strong support at 7950/30. A bounce from here is likely at this stage.

AUD Chart



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