AUD/USD: Holding 1ST Resistance; NZD/USD: Holding Minor Support

holding first resistance at 7625/35 on Friday.

reached 7046 in quiet holiday trading.

Today’s Analysis

AUD/USD holds first resistance at 7625/35 with stronger resistance at the head and shoulders neckline at 7665/85. Watch for a high for the day, but shorts need stops above 7700.

Eventually the pair are likely to turn lower this week. Below 7595 keeps bears in control of the 1 month trend targeting 7575/65 and 7535/30 before very strong support at 7520/10.

NZD/USD is holding minor support at 7015/25 and can target strong resistance at 7060/70. Watch for a high for the day. However a break above 7085 opens the door to very strong resistance at 7110/20.

Minor support at 7000/6990 and again at last week’s low at 6950/40. A break below 6940 is likely eventually targeting 6910/00, perhaps as far as support at the 200 day moving average at 6875/65.

AUD Chart

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