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Scalping Strategies (AUDUSD EURCAD)

Scalping Strategies (AUDUSD EURCAD)

Michael Boutros, Strategist

I have continued to scalp short targets on the AUDUSD as highlighted in this week’s Scalp Report. We will maintain our bearish bias so long as the 1.0465 threshold is respected with a break below the current wedge consolidation pattern offering further conviction on our bias.

For detailed scalp charts and the key threshold grid, refer to my AUDUSD Scalp Report.

I have also been trading the scalp setup featured in last week’s EURCAD scalp report. The levels have continued to play out with precision with our medium-term bias remaining weighted to the topside. Yesterday’s Bank of Canada’s rate decision saw a surge in the loonie with the decline in the EURCAD offering proper positioning for subsequent topside plays. Note that the 1.3005 resistance level (former support target) will now be our trigger for topside plays while a break below 1.2945 eyes the 2012 lows at 1.2870 which if compromised negates our bullish bias.

Follow me on Twitter for the latest scalp charts and updates on our trades at @MBForex

Join me tomorrow morning for a Live Scalp Webinar to review these setups and more at 1230GMT (8:30ET).

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

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