Near-term Setups in USDCAD, AUDUSD & AUDJPY
USD & AUD crosses are in focus ahead of key event risk over the next 24hours. Here are the trades I’ll be following into the releases and setup’s we’re currently tracking on SB Trade Desk.
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)
AUDUSD-Looking for long-triggers on a move lower into structural support heading into CPI tonight. Review Latest AUDUSD Update (Today)
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.