AUD/USD: Waiting for a clear signal

AUD/USD – NZD/USD

AUDUSD shorts at the selling opportunity at 7125/35 stopped above 7160 but there was no follow through to the topside. I feel like the market is topping but I have to wait for a clear signal now. We'll probably see some sideways action before it is clear.

NZDUSD over ran our selling opportunity at 6660/70 but is holding below 6690, keeping us short.

Daily Analysis

AUDUSD could range in between 7090/80 & 7170/80. Try trading this range with 15 pip stops, using 7120/30 for a little profit taking mid range. A break below 7070 risks a slide to 7050, with support at 7025/15.

Be ready to buy a break above 7190 targeting 7235/40 with strong resistance at 7260/65. Exit longs & try shorts with stops above 7290.

NZDUSD selling opportunity at 6660/80. Stop above 6699. A break higher is a buy signal targeting 6710, 6750/55, perhaps as far as 6775/85.

Shorts at 6660/80 target 6630/25 (we bottomed exactly here) & first support at 6620/15 for profit taking on any remaining shorts. HOWEVER A BREAK BELOW 6610 IS A SELL SIGNAL targeting 6580/70 & 6545/40 for profit taking. There's an excellent buying opportunity at 6525/15, with stops below 6495.

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