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Near-term Setups in GBP/USD, GBP/JPY and AUD/USD

Near-term Setups in GBP/USD, GBP/JPY and AUD/USD

2018-01-10 19:56:00
Michael Boutros, Strategist
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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.

GBP/JPY120min

GBP/JPY Price Chart - Daily Timeframe

GBP/JPY broke below the monthly opening-range lows / 2017 high-day close at 151.83 today after failing to close above the 2017 highs at 153.41. The decline takes prices below multi-month pitchfork support and keeps the focus lower in the pair. Bottom line: Possible near-term support at the trendline extending off the August lows but ultimately targeting 149.53/75 on this break.

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GBP/USD: The near-term outlook hinges on a break of the monthly opening-range with a correction lower favored. That said, look for weekly open resistance at 1.3575 with a break below 1.3456 needed to clear the way for a larger decline. I highlighted this setup in today’s Scalp Report.

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AUD/USD Daily

AUD/USD Price Chart - Daily Timeframe

Aussie rebounded off near-term support at 7800/13 before testing weekly open resistance today at 7863 and the threat remains for a deeper pullback in the pair while below 7887/98. From a trading standpoint I’ll continue to favor selling strength targeting a deeper pullback targeting the 100-day moving average at ~7770s and the trendline confluence around 7750. Levels / outlook remain unchanged from this week’s AUD/USD Scalp Report.

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---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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