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scalping report
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- Mar, 18 GBP/USD Channel Presents Scalping Opportunity
- Mar, 17 EUR/JPY Becomes Scalping Target with Technical Convergence
- Mar, 15 USD/CHF Test of Major Support Present’s Scalping Opportunity
- Mar, 11 USD/JPY’s Converging SMA’s Generating Ideal Scalping Environment
- Mar, 10 USD/CAD Channel Presents Scalping Opportunity
- Mar, 09 NZD/USD Channel Presents Scalping Opportunity
- Mar, 08 EUR/JPY Consolidation Presents Scalping Opportunity
- Mar, 04 USD/JPY Could Present Scalping Opportunity Ahead Of Non-Farm Payrolls
- Mar, 03 A Channel Bound AUD/USD Creates Scalping Opportunity
- Mar, 02 EUR/USD Becomes Scalping Target Ahead of ECB Decision
- Mar, 01 GBP/USD Test of Support Creates Scalping Target
- Feb, 26 A Developing Wedge Makes AUD/USD A Scalping Target
- Feb, 25 USD/JPY’s Test Of Major Support Could Present Scalping Opportunity
- Feb, 24 GBP/USD Consolidation Presents Scalping Opportunity
- Feb, 23 EUR/USD Present Scalping Opportunity Post German IFO Volatility
- Feb, 22 A Consolidating EUR/JPY Provides Scalping Opportunity
- Feb, 12 GBP/JPY’s Rising Trend Channel Is Ideal Scalping Environment
- Feb, 11 AUD/USD’s Test of Resistance Presents Scalping Opportunity
- Feb, 10 EUR/JPY’s Test of Support Presents Scalping Opportunity
- Feb, 09 Solid S/R Levels Makes USD/CAD Scalping Target
The AUD/USD may present a scalping opportunity with the RBA rate decision looming. Market participants may be reluctant to make bets ahead of the event. Especially considering that expectations are for a 25 bps rate hike which would be supportive of the pair, which is currently in a bearish trend. The contrasting sentiments could lead to further consolidation once initial volatility dissipates. Currently, the pair is seeing support from a Fibonacci retracement and is testing a short –term declining trend line which is creating an ideal scalping environment.
Key Technical Levels
Support at 0.8758-38.2% Fibo of 0.7701- 0.9407 previously held and led to a AUD/USD rally, a second test could see a similar reaction and limit downside risks. Traders can use the level and the current declining trendline to enter and exit positions.
Quantitative Metrics
A widening Bollinger band width of 575 pips and an ATR that is starting to rise are red flags for scalpers when trading the pair. Additionally, the average true range is currently accounting for 1.28% of the spot which in the upper range of the most traded pairs. The current bearish trend and its one way price action have made the pair an unlikely scalping target. A one week implied volatility indicator of 15.26 signals that price fluctuation may continue. Therefore, risks should increase following the event risk and limit’s the pair potential for scalpers.
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