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GBPUSD Scalp Setup In Play- Pending Entry on AUDUSD

GBPUSD Scalp Setup In Play- Pending Entry on AUDUSD

2012-11-27 19:47:00
Michael Boutros, Technical Strategist
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GBPUSD- We've been scalping the setup highlighted in the latest Scalp Report with so far only one short-scalp taken from the 1.6042 to 1.6017 on the back of a failed breach above the Friday high and some clear RSI divergence. I'm still holding a small portion of that trade targeting the 1.60-handle, with stops brought down to break even on the remaining lots. Near-term weakness could take the pair as far down as 1.5955 (38.2% retrace & S1 monthly pivot) before resuming higher.

GBPUSD Daily Chart

GBPUSD Scalp Chart

AUDUSD- We noted yesterday that, "It seems more likely that we'll get that test of 1.0480 with a break here risking the 100% extension at 1.05. Above this mark we look for a resistance in the region between the 161.8% extension off the monthly low and the R2 monthly pivot at 1.0550-1.0575. Only close back below 1.04 puts the bears back on track."

The pair missed the 1.05-handle by a mere 9pips before pullback back below 1.0480. Key support remains with the 61.8% Fibonacci extension taken from the September declines at 1.0445 with a break below this mark warranting further weakness into the figure. Daily RSI has continued to hold sub-60 suggesting that breach above 1.0480 has not fueled the pair with enough momentum to clear the 1.05-threshold. We remain flat on this pair pending a break out of the 1.0440-1.0480 range. Short-scalp interest builds with a break below 1.0440, or a run-up to 1.0550.

AUDUSD Daily Chart

AUDUSD Scalp Chart

I'll update my StockTwits chart stream with any updates to these levels.

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

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

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

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