AUD/USD And NZD/USD Daily Forecast - 29 October 2018

Published 10/29/2018, 03:17 AM

AUDUSD & NZDUSD

AUD/USD topped exactly at resistance at 7100/10. The bullish reversal hammer candle signals a potential double bottom but we need to beat last week's high at 7126 for initially confirmation of a recovery this week targeting 7150/55 and strong resistance at 7175/85. A high for the day expected. Shorts need stops above 7205. A break higher is a buy signal.

Failure to beat 7100/10 targets 7080/75, perhaps as far as 7055/50. Unlikely but a break below 7015 targets 7005/00, 6975/70 and perhaps as far as 6920/25.

NZD/USD good recovery but I see no reason to turn bullish yet. First resistance at 6520/30 should be key today. A break above 6550 is more positive targeting 6565/70, perhaps as far as 6595/99. Failure to beat 6520/30 targets 6500 and 6470/65. On further losses look for 6450/45 and the October low at 6428/22.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.