Near-term Setups in AUDUSD & CADJPY
AUDUSD-The post-RBA sell-off took out targets into the 23.6% retracement of the January rally at 7510. Looking for a near-term rebound to offer favorable short entries with initial resistance eyed at 7550/59 backed by 7606. Break lower targets 7481/82.
CADJPY- The pair is approaching near-term support after reversing off a critical resistance range noted last week at 87.36/43. Structural support off the yearly low converges on a basic 50% retracement off the February advance at 83.35/55 & immediate focus is higher targeting initial resistance at 84.32. Ultimately we’ll be looking for re-entry on the short-side.
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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.