AUD/USD, NZD/USD Daily Forecast – April 7, 2020

AUD/USD unexpectedly rallied to test strong resistance at 6110/20. A break above 6130 is a buy signal.

NZD/USD unexpectedly reversed Friday’s losses to our selling opportunity at 5920/30 with stops above 5960, but we have reached 5962.

AUD/USD tests strong resistance at 6110/20. A break above 6130 is a buy signal targeting 6170 before minor resistance at the 6210/13 recovery high. A break higher is a buy signal targeting 6240/45 & 6290/6300.

Shorts at 6110/20 meet support at 6070/60. A break below 6050 targets 6010/00 before support at 5985/75 for profit taking on any remaining shorts.

NZD/USD be ready to buy a break above 5960 targeting 5980/85 then 6010/20. On further gains look for 6035 before a retest of resistance at the 6065/70 recovery high.

Holding below 5960 is more negative for today targeting 5930/25 with first support at 5915/05. A break below 5895 is more negative again targeting 5870/60 & support at 5845/40 for profit taking on any remaining shorts.

Trends

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