AUD/USD And NZD/USD Daily Forecast – March 25, 2020

AUD/USD more stable in line with other markets & therefore I think we want to switch to more of a scalping/range trading strategy while remaining mindful of the potential for further downside moves should further shocks arise.

We beat resistance at 5880/5920 as predicted to retest the last short term swing high at 5965/85. Try shorts with stops above 6010.

NZD/USD we wrote: holding above first support at 5740/30 (which is 1-week descending trendline) targets only minor resistance at 5790/5810 (& we topped exactly here overnight). A break higher targets 5840/50…

We bottomed exactly at first support at 5740/30 & longs were offered 100 pips profit as we topped exactly at 5840/50.

AUD/USD tests resistance at 5880/5920 but could continue higher today to retest the last short term swing high at 5965/85. Try shorts with stops above 6010. A break higher targets 6030 then a selling opportunity at 6100/6120. I will be very surprised if this is not the high for the bounce. Stop above 650.

Shorts at 5965/85 target 5900 & 5840, perhaps as far as support at 5820/10. A break below targets 5790 then 5750 before strong support at late 2002 highs of 5688/78. Longs need stops below 5650. The next targets are 5600/5580, 5550/40, 5500/5480.

NZD/USD bottomed exactly at first support at 5740/30 & topped exactly at 5840/50 but could continue higher to stronger resistance at recent swing highs & a selling opportunity at5915/35. Try shorts with stops above 5960.

Minor support at 5790/5770 but try longs at support at 5730/20 with stops below 5700. Below targets 5635/00 before the short term range low of 5610/5590. A break lower targets 5550/30 before strong support at 5490/70 low. A break lower targets 5450/40, 5360/40, 5300/5280, 5220/5200 & 5130/10.

Trends

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