AUD/USD And NZD/USD Daily Forecast - 06 August 2018

AUD/USD trading in a range from 7325/15 up to 7440/50. When shorting at the top or buying at the bottom of the range, look to take at least some profit in the middle at 7395/7405. Holding below minor resistance at 7400/7390 risks a test of trend line support at 7325/15, where longs need stops below 7290. A break below 7290 is a medium term sell signal.

Holding above minor resistance at 7400 allows a recovery to resistance at 7440/50 where shorts need stops above 7470. A better selling opportunity is at 7500/10, with stops above 7540. A break higher is an important medium term buy signal.

NZD/USD meets a buying opportunity at 6715/10. Try longs with stops below 6680. A break below here is an important sell signal targeting 6630/20, 6580/70 and perhaps as far as 6550/40.

Minor resistance at 6790/80 but above 6800 targets strong resistance at 6850/60. Try shorts with stops above 6880. A sustained break higher is our buy signal for this week.

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