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

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

2016-05-04 18:13:00
Michael Boutros, Strategist
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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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