Near-term Setups in GBPUSD, EURUSD & AUDCAD
GBPUSD- Heading into the Bank of England interest rate decision tomorrow, the focus remains on the weekly opening range in sterling. While the immediate risk remains for a near-term rebound, I would be looking to sell strength sub- 1.4580/88 – a level defined by the monthly open & the February high-day close. Outlook / Levels remain unchanged.
EURUSD- The euro has responded to key near-term support noted last week with the subsequent rebound now testing initial resistance at the May high-day close / 1.1443. We could get some more upside from here but we’re on the lookout for short-triggers. Levels / Outlook unchanged with our broader focus weighted to the downside while below the 2016 high-day reversal close at 1.1495.
AUDCAD- The pair continues to carve out a well-defined weekly opening range as we continue to consolidate above near-term support. Price action in USDCAD & AUDUSD respectively offer little in the way of guidance at this point but the game plan remains unchanged- We’re looking for either a breach of the opening range to offer a relief rally & short-entries higher up towards the upper median-line parallels or a break sub-9450 to target more significant technical support into 9377/87.
Continue tracking all these setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Looking for more trade ideas? Review DailyFX’s 2016 2Q Forecasts
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.