Near-term Setups in AUDJPY, AUDUSD, USDCAD & GBPUSD
Earlier this week I highlighted a key support zone in AUDJPY around the 83-handle with the immediate short-bias at risk while above this region. Levels / outlook remain unchanged heading into the close of the week. Check this week’s AUDJPY update for the complete intraday levels.
Aussie is back at support heading into the close of the week at 7542/48- “a break below this threshold would risk substantial losses for the pair with such a scenario eyeing subsequent support targets at 7490 & 7450.” Look for a reaction off this level heading into U.S. Non-Farm Payrolls tomorrow. Interim resistance now 7590 with bearish invalidation steady at 7622/32 (channel resistance & weekly / monthly open). Latest AUDUSD Update (4/3)
USDCAD: I’m still holding a short off 1.3440s with initial targets at 1.3365 backed by 1.3310. Stops are against the weekly high’s but I’ll moving to break-even heading into tomorrow’s double whammy US / Canada labor market reports- expect volatility. I highlighted this setup in today’s scalp report.
GBPUSD: The near-term focus remains on a break of the 1.2410-1.2570 range highlighted earlier this week with the broader outlook constructive above the 1.23-handle. Levels / outlook unchanged from earlier this week. Latest GBPUSD Update (4/4)
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---Written by Michael Boutros, Currency Strategist with DailyFX
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