News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?https://t.co/jlhcFhH4sI https://t.co/zIrEjxqymJ
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? https://t.co/ViTMl19TW3 #Elections2020 https://t.co/methLCaBho
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/b9XwwYS9uJ https://t.co/8OIZVJnaD6
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/31/Euro-Technical-Outlook-EURUSD-Breakdown-Aims-For-Multi-month-Lows.html?QPID=30472&CHID=9 https://t.co/iVhmCXi9EG
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank. https://www.dailyfx.com/forex/video/daily_news_report/2020/10/31/SP-500-and-Dollar-Forecast-Leads-Global-Markets-with-Elections-Expectations-.html https://t.co/JnJbyu6TRT
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here: https://t.co/soPu0Wefz2 https://t.co/UWsERr2AYh
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
AUD/USD Scalps in Play- AUD/CAD, EUR/AUD Pending

AUD/USD Scalps in Play- AUD/CAD, EUR/AUD Pending

2012-11-16 14:02:00
Michael Boutros, Strategist
Share:

I have been actively scalping the AUDUSD setup highlighted in Yesterday's Scalp Report.

AUDUSD- As noted, we adopted a bullish bias into the close of trade in New York yesterday with the aussie coming into resistance target 1 at 1.0335. The pair has continued to oscillate in the range between the 100% and 123.6% Fibonacci extensions at 1.0335 and 1.0308 respectively with a break of this range offering further conviction on an intra-day bias. I'm flat here as I'm not expecting too much in Friday trade with the setup having already yielded a strong performance this week.

Look for a key break below the weekly low to put 1.0265-1.0270 into focus with a break above the overnight highs at 1.0348 eyeing subsequent resistance targets.

Daily Chart Update

AUDCAD - The pair has continued to hold just below Break Target 2 at the 61.8% retracement at 1.0340 with price action offering little conviction on a run down to our subsequent target at the 200-day moving average 1.0310. This setup has been rather quiet over the last 24-hours with no trades taken since the initial short into 1.0340.

A move lower puts into focus the 100-day moving average at 1.0310, the monthly lows at 1.0280 and the 50% retracement at 1.0260. Only a break back above 1.0385 invalidates our near-term bias.

Setup highlighted in Tuesday's Report

EURAUD - My analyst pick yesterday cited, that, "a favorable setup is now coming into focus on the EURAUD with the pair moving into a resistance zone between key Fibonacci levels at 1.2360 and 1.2410. Shorts in this region are favored against the confluence of channel resistance and the 50-day moving average at 1.2465." Shorts were triggered yesterday at 1.2368 with limits booking profit at 1.2325 in overnight trade. Short scalps into near-term rallies are still favored with medium-term, "targets eyed at 1.2215 and the monthly lows at 1.2155."

EURAUD Chart (posted Yesterday)

Although the US open may offer some near-term scalps, I'll likely be flat heading into the weekend as market attention remains fixated on the fiscal cliff debate and the EU's meeting on Greece next week.

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

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

For updates on this setup and more follow him on Twitter @MBForex

Review yesterday's Scalp Webinar for further insights and trade setups

Join Michael on Tuesday morning for a Live Scalping Webinar on DailyFX Plus (Exclusive for Live Clients Only) at 1530 GM<T (10:30ET)

Introduction to Scalping Strategies Webinar

Beginner Fibonacci Expo Presentation

New to FX Trading? Watch this Video

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

DISCLOSURES