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Near-term Setups in AUDNZD, USDCAD & EURJPY

Near-term Setups in AUDNZD, USDCAD & EURJPY

2016-10-20 19:44:00
Michael Boutros, Strategist
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AUDNZD- The pair turned just ahead of a key long-term inflection slope late-last week and the pullback we warned about earlier in the week has materialized. Levels / Outlook remain unchanged and the immediate focus is still lower while below the 2016 open at 1.0663 with more significant support eyed at 1.0552.

USDCAD- The post-BoC rally is approaching key near-term resistance & bearish invalidation at 1.3254 where the upper parallel converges on the July highs. If USDCAD is going to move lower, this is where we should look for some resistance. Levels highlighted here earlier this week.

EURJPY- The ECB charged a rally that reversed right off our key resistance / bearish invalidation level at the weekly open 114.46. Levels / Outlook unchanged from yesterday.

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

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