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Flat (Pending Scalps in NZDUSD & GBPUSD

Flat (Pending Scalps in NZDUSD & GBPUSD

Michael Boutros, Strategist

Long Scalps were in play overnight and have since triggered out limit targets on the kiwi and the pound. I’m flat here in early US trade until we see how things pan out early in the week. While news out of Greece may continue to support risk appetite in the interim, I expect a reversal of some magnitude later in the week as the dollar starts to pick-up the pace. While my medium-term bias on both of these pairs remains weighted to the downside, the possibility for further advices are likely with a break above key resistance levels (NZDUSD 84-figure, GBPUSD 1.5920). Accordingly we will attempt to take positions against these highs should price action offer optimal entries just below these key levels.

Today’s Winnners & Losers report highlights our scalp levels on the kiwi.

Click here for the GBPUSD scalp chart.

Join me tomorrow morning for a Live Scalping webinar for a look at these scalps and more at 1500GMT (10ET).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.