With the ECB on tap tomorrow I’ll be looking for intraday volatility across the Euro crosses- I highlighted near-term EURUSD targets we’ll be tracking in today’s scalp report. As it pertains to EURJPY, the focus is on key near-term resistance at 123.47- this level is defined by the 61.8% retracement of the 2016 range and converges on a pair of median-lines over the next few days.
I’ll be looking for a reaction off that mark with the rally at risk while below.Interim support rests at 119.41 with bullish invalidation steady at 118.47. A breach higher targets longer-term targets into the upper parallels which converges around ~124.50.
EUR/AUD: The outlook remains unchanged with the pair continuing to coil just above the monthly open. The risk remains for a rally towards 1.4550/73 before turning lower. That said, support & near-term bullish invalidation rests at the 1.43-handle. Review Latest EURAUD Update (12/6)
AUD/USD: Aussie has continued to respect the weekly opening-range which has taken shape just below key near-term resistance at 7490/98. I’ve been playing shorts off this region for the last two weeks and although it’s worked out well, I’m weary of continuing to press Aussie as the pair remains resilient despite weaker-than-expected 3Q GDP figures released last night. With that in mind, the outlook / levels remain unchanged heading into the close of the week. Review Latest AUDUSD Update (12/5)
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---Written by Michael Boutros, Currency Strategist with DailyFX
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