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EUR, AUD at Key Resistance- Short Scalps Warranted below 1.0480, 1.31

EUR, AUD at Key Resistance- Short Scalps Warranted below 1.0480, 1.31

Michael Boutros, Strategist

EURUSD- The euro came into critical resistance at the 1.31-handle today with short scalps triggered off this mark. A break of the opening range low has been lackluster at best and while our immediate position is short, we may yet see another fresh high before heading lower. Initial targets at 1.3070 and 1.3055. For the complete scalp setup refer to the latest report.

AUDUSD- The RBA cut interest rates by 25bps yesterday with the aussie rallying back above the 1.0445 threshold on the heels of the release. While this response was surprising for some, we noted yesterday that, "With expectations so heavily weighted on the side of a cut tonight, risk now becomes weighted to the upside if the RBA fails to deliver. Use caution on the short-side if they do cut as some profit taking may trigger a near-term rally with the accompanying statement likely to offer further clarity on future monetary policy from the central bank."

Short scalps were triggered here as well this morning but have yielded little as the pair continues to hold just below session highs. Our stop is just above 1.0490 with an advance above the 1.05-figure shifting our focus higher towards 1.0550. Interim support rests at 1.0470 backed by 1.0445. Scalp targets noted in yesterday's report.

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

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

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