Near-term Setups in AUD/USD, USD/CAD & EUR/USD
I’ll be on the lookout for exhaustion / possible short-entries in Aussie heading into structural resistance at the upper median-line parallel, currently around ~7600. This level is backed closely by the 11/9 daily reversal close / 76.4% retracement at 7630/32- both levels of interest. Interim support & near-term bullish invalidation rests with the weekly open at 7480.
USD/CAD: The BoC inspired rally has fueled a technically significant advance. Heading into Canada CPI tomorrow we could see some pullback, but weakness is to be viewed as an opportunity to while above 1.3180. Levels highlighted in today’s USDCAD technical update.
EUR/USD: Euro turned just ahead of key confluence support noted earlier in the week at 1.0575. Heading into next week, while the immediate risk is for a move lower I’ll be looking for a pullback to offer favorable long-entries while above the monthly open at 1.0516/18. Review Latest EURUSD Update (1/18)
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---Written by Michael Boutros, Currency Strategist with DailyFX
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