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GBP, AUD Scalps In Play- Opening Range Dictates Intra-day Bullish Bias

GBP, AUD Scalps In Play- Opening Range Dictates Intra-day Bullish Bias

2012-11-28 18:39:00
Michael Boutros, Strategist
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GBPUSD- Yesterday we noted that, "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."

The pair triggered our limit at the 1.60-handle with a break below taking the pair to 1.5961 (just missing our target at 1.5955). A breach above the 8:30-9:30 opening rang high in early US trade was a tell on the intra-day bias with longs triggered back into the 1.60-figure. I'm flat here heading into Asia/Pacific trade while noting key resistance at 1.6040 (61.8% retracement from the November 1st decline & the 50DMA)

GBPUSD Daily Chart

GBPUSD Scalp Chart

AUDUSD- Similar to the pound, a breach of the US opening range in the aussie triggered longs at 1.0338 which were booked during today's Scalp Webinar at 1.0475 (78.6% retracement of the decline off the Monday high). Range-bound scalp opportunities are likely to persist between 1.0480 and 1.0440 with a breach of the monthly high targeting 1.05 and 1.0550. Again it's important to note that only a break below 1.04 puts the bears back on track.

AUDUSD Daily Chart

AUDUSD Scalp Chart

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

---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

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