AUD/USD: Holding above 0.6975 keeps bulls in control
AUDUSD – NZDUSD
AUDUSD hit & held the next target of 6970/80 yesterday but this is no longer a resistance level. Holding above 6975 is more positive for today.
NZDUSD shorts at 6525/35 stopped this time above 6550. But longs on the dip back to 6535/25 worked perfectly on the run to the next target of 6579/83.
Daily Analysis
AUDUSD holding above 6975 keeps bulls in control, despite overbought conditions, with a break above 6990 targeting 7010, 7030, 7040 & perhaps as far as the June high at 7060.
Good support at 6975/65 but below 6955 risks a slide to 6940/30, perhaps as far as strong support at 6905/6895.
NZDUSD holding support at 6525/35 to retest the June recovery high at 6579/83. Although overbought, I do not see this level as strong resistance. A break higher today is another buy signal targeting 6615/20, 6630 & perhaps as far as a selling opportunity at 6660/70.
First support at 6640/30. Longs need stops below 6615.
Trends
Weekly outlook is positive.
Daily outlook is positive.
Short Term outlook is positive.
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