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.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • China's President Xi: - Moving towards closer relationship with Latin America
  • China's President Xi: - Increase in protectionism creates deficits in government $USDCNH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.11% Wall Street: -0.11% US 500: -0.15% Germany 30: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6UPif8JxXB
  • Chicago Fed President Evans: - Assessing Libra's impact potential is critical $DXY
  • $EURUSD: A double low at 1.0940 may stem losses before a re-test of 1.0926 and the October 1 multi-month low at 1.0879. Get your $EURUSD market update from @nickcawley1 here:https://t.co/Jz4xTdSRpG https://t.co/RrbUWie0Fg
  • RT @LiveSquawk: Chinese President Xi: Restoring Order And Stopping Violence Is The Most Urgent Task For Hong Kong Right Now – RTRS
  • ECB's Knot: -ECB can act more forcefully with conventional instruments -ECB should be more cautious with unconventional monetary policy $EUR
  • Fed's Clarida: -Fed policy review will likely be complete by mid-2020 -Current policy toolkit 'flexible' -FOMC remains content with current monetary policy stance -3.6% UR may not be below full employment -Sees no evidence of rising wages causing excess inflation $USD $TNX
  • RT @BEA_News: Personal income rose 5.7% in the metropolitan portion of the United States last year and increased 4.8% in the nonmetropolita…
  • RT @MKTWeconomics: Initial jobless claims jump 14,000 to a nearly 5-month high of 225,000 in early November. More likely a statistical quir…
Active AUD, EUR Scalps- Bullish Intra-day Bias Waning at Key Resistance

Active AUD, EUR Scalps- Bullish Intra-day Bias Waning at Key Resistance

2012-11-23 17:20:00
Michael Boutros, Technical Strategist

AUDUSD- On Wednesday I noted that, "The session low as of 11AM is 1.0337 with our shorts closing out just higher in early US trade. With broader risk assets treading water ahead of the Thanksgiving holiday, we now adopt a bullish intra-day bias against the 1.0330 threshold with a break below this level risking declines into the near-confluence of the 200-day moving average and the monthly pivot at 1.0315/20." Initial topside targets were booked at 1.04 and the 61.8% retracement taken from the September decline at 1.0445.

The pair is now moving into a critical resistance zone with trendline resistance dating back to the February highs coming into focus around 1.0455/60. While our longer-term outlook remains weighted to the downside below 1.0480, it's important to note that a near-term topside break here risks advances into the R1 monthly pivot at 1.0475 and the 100% Extension taken off the October advance at 1.05. As such we adopt a neutral stance here into the close of the week- Look for the Sunday open offer further conviction on a directional bias with my initial thoughts to sell near-term rallies into 1.0480.

AUDUSD Daily Chart

AUDUSD Scalp Chart

EURUSD- The breach above 1.2840 (38.2% retracement off the October Decline) was technically significant and warranted action in my opinion. The advance took the pair into a key resistance region tweeted this morning between the 61.8% retracement and the monthly pivot at 1.2955/65. Note that daily RSI is now testing the 60-threshold with a reaction here likely early next week. As such we will maintain a neutral stance on this scalp setup as well pending Sunday's opening range.

EURUSD Daily Chart

EURUSD Scalp Chart

---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

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.


News & Analysis at your fingertips.