Setups in USDCAD, GBPJPY & AUDUSD
USDCAD- Loonie saw a brief stint below key near-term support at 1.2968/81 on the back of today’s Canadian retails sales & inflation data. Longs were initiated on the dip as the pair tested channel support with half the position closed at +50 and stops now at breakeven. Broader short-bias remains at risk near-term while above this level.
GBPJPY- The rebound off key support noted yesterday has continued to move through our topside objectives with the pair breaching above the upper median-line parallel for the operative structure extending off last week’s highs & and the near-term focus remains weighted to the topside while above 160.50.
AUDUSD- Aussie took out all our topside targets into a key Fibonacci confluence at 7643/51 where the 61.8% retracement of the decline off the May high converges on the 1.618% extension of the advance off the 2016 low. Although I’m expecting some pullback here, the broader focus remains weighted to the topside while above the weekly open at 7540.
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---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.