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  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
Near-term Setups in GBPUSD, NZDUSD, USDCAD & AUDUSD

Near-term Setups in GBPUSD, NZDUSD, USDCAD & AUDUSD

Michael Boutros, Strategist

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.

Review Latest NZDUSD Scalp Targets

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.

Review Latest USDCAD Scalp Targets

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.

Review Latest AUDUSD Scalp Targets

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

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