Monday, July 4, 2022

NZD/USD Beats Strong Resistance At 2018 High. Here’s The Next Target

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held above 7335/40 overnight for the next target of 7360/80 but we topped exactly here in this slow-moving market. A break higher retests resistance at the September recovery high at 7408/13. We should struggle but shorts need stops above 7425. A break higher is a buy signal.

Gains are likely to be limited in this slow bull trend but the downside is likely to be limited too. First support at 7340/30 but below here 7320 risks a slide to support at 7285/75. Longs need stops below 7265.

beats strong resistance at the late 2018 high of 6965/70 to hit the next target of 6985 but only as far as 11 pips from the next target of 7015/25. A break above 7035 targets 7050/60.

First support in the bull trend at 6955/45. However, below 6935 meet a buying opportunity at 6895/85 with stops below 6870.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Positive
  • Short Term Outlook Positive
AUD Chart
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