Setups in AUDJPY, AUDCHF, GBPUSD Ahead of FOMC
AUDCHF- Our outlook turned bearish last week after the pair marked an outside-day reversal candle off our final resistance target at 7546/54. Bias remains weighted to the short-side near-term while below this mark. Again here we would ultimately be looking for the pullback to offer better long entries lower down. Review AUDCHF Update
GBPUSD- Sterling came into resistance on Friday at the 2/19 uncovered close before pulling back. Note that this level converges on the median-line extending January low and may offer more significant support near-term. Interim support at 1.4250 with our bullish invalidation level set to the January low-day close at 1.4218. (interested in long-triggers against this level) Review GBPUSD Update
We reviewed these setups & more in today's Weekly Scalp Webinar
Continue tracking these trades throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Check out SSI to see how retail crowds are positioned as well as open interest heading deeper into March trade.
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex contact him at firstname.lastname@example.org or Click Here to be added to his email distribution list
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.