Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

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

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

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.

New to Forex? Get started with our Free Trading Guide !

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.

Join Michael on Fridays for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

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.

DISCLOSURES