NZD/USD, AUD/USD Oversold; USD/CAD Hits 1st Target: What’s Next?
2023.08.21 05:15
is severely oversold so a bounce is possible to minor resistance at 5975/85. Shorts need stops above 5995.
Strong resistance at 6015/25. Shorts need stops above 6040.
NZD/USD Chart
longs at support at 1.3475/55 are working as we hit the first target of 1.3560. This week I look for 1.3595, 1.3640.
Minor support at 1.3520/10 1.3500.
Strong support at 1.3475/65 1.3445.
USD/CAD Chart
may stabilize for a short period to ease severely oversold conditions but the trend is definitely negative. Although I would not try a long, a bounce to resistance at 6480/6500 is certainly possible.
Shorts need stops above 6510.
Targets: 6445, 6410.
AUD/USD Chart
resistance at 1.0930/50. Shorts need stops above 1.0970.
EUR/USD Chart
forms a 3-week descending triangle as I wait to see if the head & shoulders reversal pattern plays out on the daily chart.
Minor resistance at 1.2770/90 if you want to try a 50 scalp – shorts need stops above 1.2810.
Support at the neckline at 1.2635/15. So this is the key level.
A break below 1.2595 however will be an important longer-term sell signal – I have my eye on it!
Strong resistance at 1.2815/35. Shorts need stop above 1.2855.
