Near-term Setups in GBPUSD, NZDUSD, USDCAD & AUDUSD
GBPUSD- Immediate focus remains lower while below the weekly open at 1.4588. Reversal off the yearly open remains in focus but should offer more favorable long-entries near structural support. Highlighted this setup in today’s Scalp Report.
NZDUSD- The pair is testing near-term support at 6863/66 on intraday divergence, leaving the immediate short-side bias vulnerable. Near-term outlook remains weighted to the short-side while sub-6941. Levels remain unchanged.
USDCAD- The advance is now testing our third resistance target at 1.2861/77- this is big near-term resistance. Similar to the kiwi, the pair is vulnerable for a pullback here but the outlook remains constructive while above ~1.2620 with a breach higher targeting 1.2976/81. Levels remain unchanged.
AUDUSD- Aussie has taken out all of our support targets to complete a basic 38.2% retracement of the 2016 range at 7449. Expecting some relief here but the focus remains lower with our bearish invalidation level now lowered to 7590.
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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.