AUD/USD And NZD/USD Daily Forecast: Outlook Negative

AUD/USD topped exactly at the head and shoulders neckline at 7660/80 and crashed 60 pips.

NZD/USD tests first resistance at 7015/25 and this is key to direction today. Outlook remains negative.

Todays Analysis

AUD/USD held just 9 pips above the the March low at 7575/65. A break below 7555 is expected eventually (although not necessarily today) targeting 7535 and very strong support at 7520/10.

Gains are likely to be limited with minor resistance at 7625/35. Important resistance at the head and shoulders neckline at 7660/80. Watch for a high for the week but shorts need stops above 7690.

NZD/USD still holding first resistance at 7015/25 as predicted. Unlikely now, but a break higher can target strong resistance at 7060/70. Watch for a high for the day.

However, a break above 7080 opens the door to very strong resistance at 7135/45. Minor support at last weeks low at 6950/40. A break below 6940 is likely eventually targeting 6910/00, perhaps as far as support at the 200 day moving average at 6875/65.

AUD Chart

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