Near-term Setups in USDCAD, AUDUSD & AUDJPY
USDOLLAR- The index remains at risk for further losses while below the July high-day close at 12102 with a breach above the 2016 open at 12131 needed to fuel the next leg higher. Interim support rests at the ML / 200-day moving average at ~12028.
USDCAD- The breakout above key resistance noted last week keeps the focus higher while above 1.3103/21/ channel support. A breach higher eyes subsequent topside objectives at 1.3295 & 1.3312.Review Latest USDCAD Update (7/21)
AUDJPY- The pair dipped to within 11pips of the key support range at 77.62-78.04 noted last week. It’s too early to tell if that was the low but the short-side bias is at risk heading into this region and I’ll be on the lookout for long-triggers while above the median-line. Keep in mind we have Aussie CPI tonight & the BoJ interest rate decision into the close of the week. Review Latest AUDJPY Update (7/21)
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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.