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

 

06 Feb, 2020

AUDUSD bottomed exactly at the important 2019 low of 6675/68 for a bounce to strong resistance at 6760/70. We topped exactly here with shorts offered up to 30 pips profit yesterday.

NZDUSD tests & holds the 100 day moving average at 6465/60 & bounces perfectly to test & hold 3 pips below minor resistance at 6505/10.

Today’s Analysis

AUDUSD held the important 2019 low of 6675/68 in severely oversold condition with longs working perfectly on the bounce to strong resistance at 6760/70 & shorts here offered 30 pips profit. Shorts need stops above 6780. A break higher targets 6800 & a selling opportunity at 6815/25, with stops above 6835.

First support at 6735/30 but better support at 6715/10 could hold the downside. Below risks a retest of support at 6680/70. 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.

NZDUSD longs at the 100 day moving average at 6465/60 work in severely oversold conditions as we bounce towards minor resistance at 6505/10. A break higher meets stronger resistance at 6520/25. Above 6535 meets a selling opportunity at 6560/70 with stops above 6580.

Best support at 6780/70 held perfectly yesterday but below a break below 6450 is a sell signal targeting 6435/30 & 6415/10. A break below 6400 then the next sell signal.

Trends

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

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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.