AUD/USD: Excellent buying opportunity at 0.7570
AUD/USD – NZD/USD
AUDUSD saw a correction yesterday as predicted & we bottomed exactly at ourbuying opportunity at 7640/30. The bearish engulfing candle is another negativesignal, although we are seeing a recovery over night for a 60 pip profit on our longs.
NZDUSD broke support at 7575/70 but missed the best buying opportunity at7640/30 by 11 pips.
Daily Analysis
AUDUSD may trade sideways in overbought conditions. Minor support at 7700/7695then better support at 7575/70. However below 7560 meets the best buyingopportunity at 7640/30 with stops below 7615. An excellent buying opportunity at7570/60, with stops below 7545.
First resistance at the 2020 high of 7737/42. Be ready to buy a break above 7750 for7765/70 & 7795/7800.
NZDUSD minor support again at 7181/75 with better support at 7145/35. Try longswith stops below 7120. A break lower meets a buying opportunity at 7090/80 withstops below 7065.
Important resistance at 7190/7210. Above the 2020 high of 7240 meets important 5year trend line resistance at 7265/80 so there are 2 important obstacles here. Abreak above 7300 therefore required to test 500 week moving average resistance at7335/45.
Chart
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