- Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 12:30 GMT (8:30ET)
- See our new 2018 projections in the DailyFX Trading Forecasts
- Click Here to be added to Michael’s email distribution list.
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 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.
New to Forex? Get started with our Free Trading Guide !
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.
Learn the traits of a successful trader in this Free eBook!
AUD/USD Daily
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.
Join Michael on Fridays for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com
