Near-term Setups in AUD/USD, Ethereum and EUR/JPY
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Here's an update on the setups we’ve been tracking this week. Find a detailed, in-depth review of these setups and more in this week’s Strategy Webinar.
AUD/USD Daily Chart
I highlighted this chart in the Weekly Technical Outlook, noting that Aussie was approaching key support confluence support at ‘7630/65- a region defined by the 38.2% retracement of the 2016 advance, the 61.8% retracement of the May advance and the 52-week moving average. Note that this region converges on former trendline resistance (2016) and current slope support off the May lows.’
Heading into tomorrow’s U.S. GDP release / end of the week, the focus remains on a reaction into this zone with the immediate downside bias at risk. A weekly close below this region targets the 2016 trendline support / 50% retracement at 7476.Click here to review this week’s AUD/USD scalp report.
ETH/USD: Ethereum prices have continued to hold within a tight range heading into the close of the week with our levels / outlook unchanged. Key focus range remains 275-312 with broader bullish invalidation steady at 257. A topside breach targets 350/55 backed by the record high-day close at 385.
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EUR/JPY Daily Chart
EUR/JPY turned from a big resistance confluence today at 134.29- a region defined by the 61.8% retracement of 2014 decline and basic slope resistance. The decline is encountering some near-term support here at the monthly open and while we could see some pullback, the focus remains lower sub-134. Downside support objectives are eyed at the 2016 high-day close / monthly opening-rang low at 131.70 backed by the 50-line, currently ~131.
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex or contact him at email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.