Near-term Setups in AUD/NZD, USD/CAD, AUD/USD & EUR/GBP
Last week I highlighted the risk for a rebound off key support at 1.0430/39 in AUDNZD with the subsequent rally failing just ahead of our target at the 2016 open (1.0663). We’ve been playing the pullback with the decline now eyeing areas of interest for re-entry on the long side. Initial support stands at 1.0511 and extends into our bullish invalidation level at 1.0476 –areas of interest for exhaustion / long-entries.
USD/CAD: Canada CPI is on tap tomorrow morning with USDCAD trading back into the weekly open today in New York. The focus heading into tomorrow’s release is on a break of the 1.34-1.3575 range with a topside breach favored. Levels highlighted in today’s Scalp Report.
AUD/USD: The pair broke below support noted yesterday at 7462 with the decline already taking out initial targets into 7420. The next support level of significance is the 61.8% retracement of the May advance at 7386. Review latest AUDUSD update (11/16)
EUR/GBP: Still looking lower while price is below 8709/36. This is a slower burning trade but the levels / slope have remained fruitful. Support targets of significance eyed at 8479 & 8349.Review latest EUR/GBP update (11/15)
Looking for trade ideas? Review DailyFX’s 2016 4Q Projections
---Written by Michael Boutros, Currency Strategist with DailyFX
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