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scalping report
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- Mar, 19 EUR/GBP’s Developing Range Presents Scalping Opportunity
- 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
The Australian and New Zealand dollars tumbled this week against most of their counterparts. However, the two commodity driven currencies have settled into a tight declining trend channel which is creating the ideal scalping environment. Outside of two sharp spikes in volatility following an unexpected rate hold by the RBA and a disappointing New Zealand labor report recent price action has been subdued. The AUD/NZD has traded in a 450 pip range on the year which is tame compared to a pair like the GBP/JPY which saw that amount in the past three days.
Key Technical Levels
The 20-Day and 50-Day SMA’s converging at 1.2580 offer a resistance level while the 61.8% Fibo of 1.2326- 1.2771 at 1.2497 could limit downside risks. The current descending trend channel will give scalpers target levels to enter and exit positions.
Quantitative Metrics
The AUD/NZD boasts a narrow Bollinger band width at 308 pips which speaks to the pair’s tendency to trade in a tight range. The ATR spied higher but at 107 pips is at the lower range of the most traded pairs. Additionally, two spike’s due to event risk attributed for the majority of the volatility.
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To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: jrivera@fxcm.com
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