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NZDUSD & AUDUSD Scalping Strategies

NZDUSD & AUDUSD Scalping Strategies

2012-07-10 20:09:00
Michael Boutros, Strategist
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Short scalps are now in play on the NZDUSD and the AUDUSD as risk appetite dwindles with clearly defined targets on both setups offering favorable intra-day shorts.

AUDUSD- The AUDUSD continues to hold within the confines of an ascending channel formation with the pair failing an attempted breach above the 100-day moving average at 1.0245. Subsequent daily resistance targets are seen just above at the 200-day moving average at 1.0270 and the 50% Fibonacci extension taken from the June 1st and 25th troughs at 1.0290. We maintain our bearish outlook with only a breach above the monthly highs at 1.0330 invalidating this particular trade setup. A break below channel support eyes immediate targets at former January lows at 1.0146 with a break below the 23.6% extension at 1.0120 offering further conviction on our directional bias.

For a complete technical outlook including detailed daily and 30min scalp targets, refer to today’s Winners/Losers report.

NZDUSD - Although the New Zealand dollar has remained rather well supported in light of losses in broader risk assets, the technicals suggest the kiwi may be on the verge a substantial pullback as we outline in this report. That said the current proximity to our topside limit offer favorable risk-to-rewards on both short and medium-term trades. A look at the encompassing sees the NZDUSD recently breaking below channel support dating back to June 1st before encountering interim support at the 23.6% Fibonacci retracement taken from that run-up at 7930. A move below this level exposes our primary objective at the 38.2% extension at 7840 (confluence with the 23.6% weekly Fib extension). Note that RSI has complimented the channel break with divergence in price action suggesting an interim top me by in place at 8075. As such, we reserve this level as our topside limit which if compromised invalidates our directional bias.

For a complete technical outlook including detailed weekly, daily, and 30min scalp charts, refer to this week’s Scalp Report.

---Written by Michael Boutros, Currency Strategist with DailyFX.com

Review today’s Scalp Webinar for further insights and current trade setups

Join Michael on Thursday morning for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1400 GMT (10ET)

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex

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