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Near-term Setups in AUD/USD, EUR/USD & DXY

Near-term Setups in AUD/USD, EUR/USD & DXY

Michael Boutros, Strategist

AUDUSD 120min

AUD/USD 120min Chart

Earlier in the week we highlighted a key multi-month resistance range in AUDUSD at 7735/56. Aussie registered a high at 7749 before reversing sharply yesterday with the decline rebounding off near-term support at 7651/56. A newly identified pitchfork extending off the thighs keeps the immediate focus lower while below the median-line which converges on the 50% retracement at 7694 with a break lower targeting subsequent support objectives at 7620 & 7591. Broader bearish invalidation remains steady at 7735.

Near-term Setups in AUD/USD, EUR/USD & DXY
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net-short AUDUSD- the ratio stands at -2.49 (28.6% of traders are long)- bullish reading
  • Long positions are 20.4% lower than yesterday and 10.4% lower from last week
  • Short positions are 21.1% lower than yesterday and 4.7% lower from last week
  • Note that the recent fall in open interest on a recovery in the SSI ratio off recent extremes as price comes off key resistance continues to highlight the risk for a pullback in in the pair despite the current SSI standing.

Why and how do we use the SSI in trading? View our free trading guide here

EURUSD: The focus is on a pullback from near-term confluence resistance at 1.0820/22 with our broader outlook still weighted to the topside while above the 1.07-handle. A breach above target a more significant resistance zone at the 2016 open at 1.0872. Levels remain unchanged from last week’s EURUSD update.

DXY: We warned about the risk for a turn in the dollar index heading into the Fed last week with the decline reversing today just ahead of confluence support at 99.43/53- a region defined by the 61.8% extension of the decline off the yearly high and the January 2016 high-day close. The immediate short-bias is at risk into this zone with our broader focus still weighted to the downside sub 100.39. A break lower targets subsequent support targets at the 99-handle & the 2016 open at 98.69.

Looking for trade ideas? Review DailyFX’s 2017 1Q Projections

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

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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