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Near-term Setups in GBPUSD, GBPJPY & USDOLLAR

Near-term Setups in GBPUSD, GBPJPY & USDOLLAR

2016-05-24 17:33:00
Michael Boutros, Strategist
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GBPUSD- A breach of the weekly opening range verified the topside bias noted yesterday with the advance once again eyeing key near-term resistance at 1.4664/83- a level defined by the 2015 low-day close, the February highs, the 100% extension of the advance off the yearly low, the 76.4% retrace of the May decline and slope resistance. A breach here targets the yearly open at 1.4731 backed by the highs at 1.4767. Immediate support rests at 1.4580/88 with our focus weighted to the topside while above the 1.45-handle. Review Latest GBPUSD Scalp Update

GBPJPY- I highlighted this setup in today’s scalp report- similar setup as sterling. Focus remains higher with the rally eyeing some pretty significant resistance targets just higher. 161.75-162, 162.68/80 & 163.50/86 are all levels of interest with a move surpassing these targets likely to mark a more meaningful advance for the pair. I’ll remain constructive while above today’s low.

USDOLLAR Daily

Near-term Setups in GBPUSD, GBPJPY & USDOLLAR

As noted last week, the Dow Jones FXCM U.S. Dollar Index (Ticker:USDOLLAR) remains at risk for a pullback near-term while below 11989. Note that the index is already more than 2.5% off the monthly low & while the broader focus is higher in the greenback, the immediate topside bias is vulnerable. Look for a break of the weekly opening range for guidance with my initial inclination to sell rallies into this region. Review Latest USDOLLAR Scalp Update

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

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