Near-term Setups in EURGBP, AUDUSD, NZDUSD & Gold
EURGBP- Reversed off Fibonacci resistance early in the week with the weekly opening range taking shape just below. We’re generally looking lower near-term with a pullback into the lower parallel to offer more favorable long entries. The pair I highlighted this setup in today’s update.
AUDUSD- We’ve continued to track this Aussie rally since last month on SB Trade Desk and on the back of the RBA interest rate decision, the outlook remains constructive while above confluence support into 7400 with initial topside objectives eyed at 7489/90.Review Latest AUDUSD Scalp Update
NZDUSD- Heading into the RBNZ interest rate decision tomorrow night, the focus will be on resistance into the 70-handle with the near-term long bias at risk while below this threshold. The pair has been trading within the confines of a well-defined ascending pitchfork formation off the May lows with the upper median-line parallel converging on the figure ahead of the release. A break below 6862/66 would be needed to re-affirm the downside bias.
We opened up the week looking higher in gold with the rally turning just shy of resistance 50% retracement of the May decline at 1250. The rally is at risk near-term while below this level with a near-term support confluence seen at the monthly open 1215. A breach higher from here looks for more prominent resistance at the upper median-line parallel extending off the May high- bearish invalidation level. I highlighted this setup in this week’s gold forecast.
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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.