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Near-term Setups in AUD/USD, Ethereum and EUR/JPY

Near-term Setups in AUD/USD, Ethereum and EUR/JPY

Michael Boutros, Strategist

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

AUD/USD Price Chart - Weekly Timeframe

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.

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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 Price Chart - Weekly Timeframe

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.

See how shifts in retail positioning are impacting trend- Click here to learn more about sentiment!

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

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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