AUD/USD, NZD/USD Daily Forecast: Feb. 12, 2020

AUD/USD holds important support at the 2019 low of 6680/70 for a recovery to strong resistance at 6735/45. We topped exactly here.

NZD/USD holding the next target of 6375/65 for a bounce to minor resistance at 6400/10.

AUDUSD shorts at strong resistance at 6735/45 target minor support at 6710/05. Below 6700 risks a retest of support at the 2019 low of 6680/70. Obviously this is the only level that matters this week. A sustained break below 6650 is a sell signal in the 2-year bear trend initially targeting 6620/10. Below 6600 look for 6565/55 & 6535/25.

Shorts at strong resistance at 6740/45 today need stops above 6755. A break higher targets 6765/69 & resistance at 6795/6800.

NZDUSD may start to trade sideways to ease oversold conditions. We are making further gains as I write over night to the next target of 6440/50 & resistance at 6465/75. There’s further strong resistance at 6500/05 so watch this band.

Failure to beat resistance at 6465/75 targets minor support at 6440/35. Below 6430 risks a slide to 6420/15. Below 6410 look for 6390 before a retest of 6375/65. A break lower targets 6340/35, perhaps as far as minor support at 6320.

Trends

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