AUD/USD, NZD/USD Forecast – Feb 26, 2020

AUD/USD I called for a sideways move at the start of this week & exactly as predicted we have held a tight range. In fact, we topped exactly at first resistance at 6620/23 on Monday & Tuesday.

NZD/USD also continues sideways exactly as predicted, holding just above first resistance at 6345/50.

AUD/USD trades sideways as predicted, as we move to a scalping strategy, rather than selling in to strength and holding shorts. Gains are likely to be limited with minor resistance at 6620/23 holding perfectly & minor resistance again at 6645/48. Above 6655 meets a selling opportunity at 6680/90, with stops above 6705.

Failure to beat 6620/23 risks a retest of 6590/80 which is also holding as we would expect in a short term sideways trend. A break lower always possible in the longer-term bear trend, however, to target 6565/55 & perhaps as far as 6535/25.

NZD/USD gains are likely to be limited with first resistance at 6345/50 (holding this week) & 2nd resistance at 6370/75. Shorts need stops above 6385 for a selling opportunity at 6405/15. Stop above 6430.

Shorts at 6370/75 target 6350/45 for some profit-taking, perhaps as far as 6310/00. A break lower is always possible in the bear trend targeting 6280/75 & 6240/30.

Trends

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