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Outlook for Dollar & yen pairs:
AUDUSD lower after breaking out of the bear flag to my target of 6380/60 as expected. The break below 6350 was a sell signal targeting 6255/50 & we are 5 pips away as I write.
NZDUSD broke the lower trend line of a 1 month bear flag pattern at 5700/5690, targeting 5580/60 September lows then the 2020 low at 5490/70.
AUDJPY broke the September low at 9220/00 to target strong support at 9100/9080.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
AUDUSD lower to my target of 6380/60 & almost as far as 6255/50 as I write. Further losses are likely to 6210/00 then 6135/25.
Gains are likely to be limited with resistance at 6300/10 & 6330/50. Shorts need stops above 6370.
NZDUSD broke the lower trend line of a 1 month bear flag pattern at 5700/5690, keeping the outlook negative in the longer term bear trend, risking a retest of 5580/60 September lows. A break lower targets the 2020 low at 5490/70. A break below here is obviously an important sell signal.
Gains are likely to be limited in the bear trend with resistance at 5565/75. Shorts need stops above 5595.
AUDJPY now targets strong support at 9100/9080. Longs need stops below 9045. A break lower targets 9000/8990 then 8690/50 & 8920.
Longs at 9100/9080 target 9140 & resistance at 9200/9220.
