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
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






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

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

What's on this page

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

EUR/USD 240min Price Chart

EUR/USD 240min Price Chart

Earlier this month we highlighted weekly support confluence in EUR/USD with price remaining within the confines of a broad consolidation pattern after multiple failed attempts to break lower. The immediate focus is on a breakout of this consolidation range and we need price to clear the 1.1603-1.1750 for guidance (topside favored). From a trading standpoint, I’ll favor fading weakness near-term while above 1.1642- Intraday trading levels remain unchanged from this week’s EUR/USD Technical Outlook.

Learn the traits of a successful trader in our Free eBook!

AUD/JPY 240 Price Chart

AUD/JPY 240mi Price Chart

In my previous analyst pick, we examined a reversal that was underway in AUD/JPY with our focus, “lower while below the weekly open at 83.24 with initial support objectives eyed at the confluence of the 50-line / 100-day moving average at ~82.50 and the 61.8% retracement / July open at 82.00/04- look for a stronger reaction there for guidance. “

A ‘strong’ reaction off the 82-handle has fueled a price rally of more than 1.7% with the advance taking AUD/JPY through the 61.8% retracement at 83.12. Interim support now 82.61 with subsequent topside resistance targets eyed at 83.61/70 and the 38.2% retracement at 84.25- and area of interest for possible near-term exhaustion / short entries. Broader bullish invalidation steady at 81.88/93.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Find yourself getting trigger shy or missing opportunities? Learn how to build Confidence in Your Trading

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at

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