AUD/USD, NZD/USD Daily Forecast – April 29, 2020

AUD/USD topped exactly at our selling opportunity at 6500/10.

Regarding NZD/USD, we wrote: holding first support at 6010/00 allows a recovery to 6030/40 perhaps as far as resistance at 6060/70…

Longs at 6010/00 worked perfectly as we shot higher from 5990 to 6060/70 for a potential 60/70 pips profit.

Today’s Analysis

AUD/USD topped exactly at our selling opportunity at 6500/10 (swing trade opportunity – we could head significantly lower from here) with stops above 6535. A break higher tests the 100 day moving average at 6565/75.

Shorts at 6500/10 target 6475 & 6455/50 today. Further losses meet best support at 6420/10for profit taking. Longs need stops below 6395. (We will look to sell a bounce from here tomorrow).

NZD/USD holding above 6060/70 (as I write) is a buy signal targeting 6105/10 & first resistance at 6125/30. Shorts need stops above 6145.

Holding below 6050 targets a buying opportunity at 6020/10 with stops below 5990.

Trends

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