Ad

Price Action on NZDUSD & AUDUSD Suggests More Weakness To Come – 12th May 2016

Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here

Trade Setups / Chart in Focus:

NZDUSD – Kiwi/dollar stalls at resistance

Notice the small bearish reversal bar that formed today in the NZDUSD, in-line with the recent sell-off we saw in this market last week. Today’s price action is a stalling pattern that has formed at a key resistance zone between 0.6840 – 0.6820 area and that could lead to more losses in the coming days. Whilst this pair remains under 0.6880 we will maintain a bearish bias in the coming days and see the potential for price to fall lower and re-test support near 0.6715 and if that level breaks, we could possibly see price near 0.6565.

nzdusd

AUDUSD – Aussie/dollar weakness continues

In-line with our recent commentaries on this pair, the AUDUSD remains bearish (weak) and we will continue to look for selling opportunities in this pair on any strength in the coming days whilst under 0.7490.

audusd

In the members daily trade setups newsletter we discuss potential trade setups and detailed analysis on EURUSD, GBPUSD, AUDUSD, NZDUSD, AUDNZD, USDJPY, Gold, Crude Oil, S&P500 and more. For more information on the members daily trade setups newsletter, click here.

Want More Trade Ideas? Get daily trade ideas and analysis on more forex pairs, stock indices and commodities, check out Nial Fuller’s Daily Trading Newsletter.

Leave a Reply