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Here's an update on a few of 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.
I highlighted the potential for a double-top breakdown here in EURNZD earlier in the week and the focus remains on key near-term support here at 1.7124. Remember, the broader outlook remains weighted to the topside but a break below this threshold would suggest a larger correction is underway before resumption. Risk is lower while below 1.7332 with a breach above 1.7409 needed to open up the topside.
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GBP/USD: The outlook remains weighted to the topside in sterling after the monthly opening-range breakout but we’re heading into the close of the month and price is approaching near-term resistance objectives. Look for pullbacks to offer opportunities - I highlighted this setup in today’s Scalp Report.
The breach above confluence resistance at the median-line / high-day close at 385 saw prices rally though our final target at 461 before reversing off confluence parallel resistance today in U.S. trade. Immediate support rests at 445 with broader bullish invalidation now raised the median-line / June highs at ~405. A breach above today’s highs would clear the way for a substantial stretch higher with such a scenario targeting 600 & the 1.618% ext at 622.
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex or contact him at email@example.com