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Near-term Setups in AUDUSD & CADJPY

Near-term Setups in AUDUSD & CADJPY

2016-04-05 19:01:00
Michael Boutros, Strategist
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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.

Review AUDUSD Scalp Targets

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.

Review CADJPY Scalp Targets

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

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https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2016/04/05/Forex-CADJPY-Reversal-Approaching-Initial-Support---Bearish-Sub-86.53.html?ref-author=Boutros

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