Near-term Setups in EURAUD, GBPUSD, AUDJPY & CADJPY
EURAUD- Immediate focus remains lower while below the 2016 open at 1.4913. Broader bearish invalidation stands at the upper median-line parallel at 1.5070. Highlighted this setup in today’s Scalp Report.
GBPUSD - Sterling is came off a Big support confluence last week with our near-term focus weighted to the topside while within a near-term median-line formation off the lows / above 1.4231. I’m holding longs from the figure with ½ the trade close out at +40pips and stops at breakeven. Keep in mind we have U.S. retail sales tomorrow and the BoE interest rate decision & U.S. consumer price index (CPI) on Thursday.
AUDJPY- Tracking this rally for a possible short-entry higher up near- 83.67 with our near-term bearish invalidation level sest to the 2015 low-day close at 84.72. A break sub-82.46 is needed to validate the resumption of the broader downtrend.
CADJPY- Similar scenario on AUDJPY- Tracking for resistance near the 61.8% retracement at 85.25 (near-term bearish invalidation) with a break below 83.89/99 needed to validate the turn lower.
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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.