AUDUSD _ NZDUSD Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

AUDUSD _ NZDUSD

11 Feb, 2020

AUDUSD retests important support at the 2019 low of 6680/70 & holds just 14 pips below.

NZDUSD we wrote: shorts below 6450 work after the sell signal targeting 6415/10. A break below 6400 then the next sell signal as we look for 6375/65…

All targets hit again.

Today’s Analysis

AUDUSD retests support at the 2019 low of 6680/70. Obviously this is the only level that matters this week. A sustained break below 6650 is a sell signal in the 2 year bear trend initially targeting 6620/10. Below 6600 look for 6565/55 & 6535/25.

If bulls are to engineer a recovery, this is their best chance for a while. Longs are always risky in a bear trend but if a bounce is seen, we target first resistance at 6705/10. Above 6720 targets strong resistance at 6735/45. Shorts need stops above 6760.

NZDUSD slower again in the bear trend as predicted, hitting next target of 6375/65 as we look for 6340/35, perhaps as far as minor support at 6320.

Gains are likely to be limited in the bear trend with minor resistance at 6400/10 but above 6420 allows a recovery to towards a selling opportunity at 6440/50, with stops above 6460.

Trends

Weekly outlook is negative Daily outlook is negative Short Term outlook is negative

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.