Technical Analysis Update

AUD, NZD, CAD

AUDUSD

AUDUSD higher this morning, sellers in the 0.7790 area has slowed the advance. The market is looking to test the strong resistance at 0.7810/20.

The AUD remains supported by buoyant commodity prices and the weak USD, traders are looking to buy on dips with support now found at 0.7740/60

NZDUSD

The Kiwi is running into resistance at 0.7240/50,

a break up here will open a move to 0.7280/0.7300.

Failure to break higher, would see a drop back to 0.7190 support possibly 0.7160

USDCAD

USDCAD broke 1.2260 the bottom of its recent range and dropped over 100 pips. The USD now looks a little oversold right now.

Profit takers below 1.2150 have provided some support, and I would expect the USD to find more buyers on dips towards 1.2100.

Resistance will now be found at 1.2200/20 If the USD can break this area, you will find more sellers at 1.2260 the previous support will become strong resistance.

http://www.eightderagonscapital.com

support@8dragonstrade.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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