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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Heads Up:🇯🇵 BoJ Quarterly Outlook Report due at 03:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-15
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Expected: -0.1% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-07-15
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/OjTZOQEytM https://t.co/BWTj74xdGl
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.68% Silver: 0.28% Gold: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KLaO6iawft
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.41% 🇳🇿NZD: 0.39% 🇬🇧GBP: 0.22% 🇪🇺EUR: 0.08% 🇯🇵JPY: -0.01% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XJ4YXmLkHx
  • RT @DanielGMoss: #Silver Price Eyes Fresh 2020 Highs on $USD Weakness https://www.dailyfx.com/forex/market_alert/2020/07/15/Silver-Prices-May-Trek-Higher-on-Weakening-US-Dollar-and-Stimulus-Hopes.html
  • If you missed this week's session on IG Client Sentiment, check out the full recording on YouTube here - https://t.co/uVdyQTHnpn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in US 500 are at opposite extremes with 76.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ZW0P70iNI9
  • China reaffirms vow to sanction US officials over Hong Kong -BBG
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/3x4BbsYUTg
Scalping the Waves- AUD/USD Emotions Run High

Scalping the Waves- AUD/USD Emotions Run High

2012-02-16 20:53:00
Michael Boutros, Jamie Saettele, CMT,
Share:

Wild price swings have produced a highly emotional AUDUSD environment. Bulls contend that the dip offers a buying opportunity while bears are proclaiming a doomsday scenario for risk trends in general. As long as price is above 1.0569, we’ll side with the bulls.

Daily Chart

Scalping_the_Waves-_AUDUSD_Emotions_Run_High_body_Picture_5.png, Scalping the Waves- AUD/USD Emotions Run High

As focused on in the Daily Technicals recently, the AUDUSD decline is probably a 4th wave correction within the 5 wave advance from the 12/15/11 low. The floor is strong as price is holding its Elliott channel (line parallel to waves 1-3 extended from wave 2), 20 day average, and February opening range. Bullish objectives are the 2011 high at 11080, and common Fibonacci relationships. Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236. These levels intersect the channel on March 5th and March 9th. I like longs on dips between 10715/40 with a stop under 10645.

Scalp Chart

Scalping_the_Waves-_AUDUSD_Emotions_Run_High_body_Picture_6.png, Scalping the Waves- AUD/USD Emotions Run High

Interim resistance for the aussie stands at the 123.6% Fibonacci extension taken from the December 19th and January 8th troughs at 1.0765 backed by 1.0785 and 1.0820. A breach above our topside limit offers further conviction on our bias with such a scenario eyeing subsequent topside targets at the 138.2% extension at 1.0840, 1.0875, and the 150% extension at the 1.09-figure.

Interim support rests at 1.0735 with subsequent floors seen at the 1.07-handle and 1.0680. A break below our bottom limit at the 100% Fibonacci extension at 1.0648 negates our short-term bias with such a scenario eyeing subsequent support targets at 1.0620, the 1.06-figure, 1.0570. If this level is compromised our medium-term bias flips to the downside with extended targets held at the 76.4% extension at 1.0530, 1.0490, and the 61.8% extension at 1.0455. An hourly average true range of 25.54 yields profit targets of 20-22 pips depending on entry. Should ATR pull back dramatically, adjust profit targets as needed to ensure more feasible scalps.

*Note that the scalp will not be active until a break above 1.0765 or a rebound off 1.0735 or subsequent support level with RSI conviction. We will remain flexible with our bias with a move passed our bottom limit at 1.0648 eyeing downside targets.

Key Thresholds

Entry/Exit Targets

Timeframe

Level

Significance

Resistance 1 Target

30min

1.0765

123.6% Fibonacci Ext

Resistance 2 Target

30min

1.0785

Soft Resistance

Resistance 3 Target

30min

1.0820

Soft Resistance

Topside Limit

30min

1.0840

138.2% Fibonacci Ext

Break-Target

30min

1.0875

Soft Resistance

Extended Break- Target

30min

1.0900

150% Fibonacci Ext

Support 1 Target

30min

1.0735

Soft Support

Support 2 Target

30min

1.0700

Soft Support

Support 3 Target

30min

1.0680

Soft Support

Bottom Limit

30min

1.0648

100% Fibonacci Ext

Break-Target

30min

1.0620

Soft Support

Extended Break- Target

30min

1.0600

23.6% Fibonacci Ext

Average True Range

2hour

25.54

Profit Targets 20-22 pips

---Written by Jamie Saettele, CMT, Senior Technical Strategist and Michael Boutros, Currency Strategist with DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List"

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

Jamie is the author of Sentiment in the Forex Market.

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

DISCLOSURES

News & Analysis at your fingertips.