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AUDUSD, EURCAD Scalping Strategies

By , Currency Strategist
16 April 2012 17:17 GMT

I’ve been actively scalping the short side in the AUDUSD as the daily encompassing structure continues to suggest further weakness for the high yielder. The Sunday open offered favorable scalps down to the 78.6% Fibonacci extension at the 1.0320 barrier. The rebound off this level in early US trade offers traders the opportunity to re-enter and play this downside range once more.

For updates on this scalp and all the current scalp charts, refer to my StockTwits Chart Stream.

I’ve also been taking scalps on the EURCAD as per last week’s Scalp Report. Levels have continued to play out with precision since the pair broke below channel support as highlighted in the report. Topside resistance now stands at 1.3113 with a pullback offering favorable positioning for long scalps. It’s important to note that our medium-term bias on this pair remains weighted to the topside with the channel break seen last week offering opportunities to play the downside correction. We continue to look higher at these levels with only a break below the April low negating our directional bias.

For updates on the these scalp setups and more follow me on Twitter @MBForex

Join me Live Tomorrow Morning at 12:30GMT (8:30ET) for a Live Scalping Webinar.

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16 April 2012 17:17 GMT