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AUDUSD Scalps Target March Lows- Bearish Below 1.0220

AUDUSD Scalps Target March Lows- Bearish Below 1.0220

2013-05-08 18:29:00
Michael Boutros, Strategist

AUDUSD Daily Chart

Forex_AUDUSD_Scalps_Target_March_Lows_Bearish_Below_1.0220_body_Picture_2.png, AUDUSD Scalps Target March Lows- Bearish Below 1.0220

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • RBA interest rate cut offered the catalyst needed break sub-1.0220/26 - Bearish below this mark
  • May opening range puts a heavy tone for the month
  • Break below 1.0155 eyes primary objective range 1.0100 - 1.0115
  • Secondary Objectives at 1.0025, 9980
  • Daily RSI now sub 40 for the first time since early March (we’ll want to clear those lows in RSI)
  • Break above key resistance 1.0220/26 risks a run on 1.0295, 1.0320
  • Main events to watch this week: Australia employment data tonight

AUDUSD Scalp Chart

Forex_AUDUSD_Scalps_Target_March_Lows_Bearish_Below_1.0220_body_Picture_1.png, AUDUSD Scalps Target March Lows- Bearish Below 1.0220

Scalp Notes: Bottom Line: Staying bearish below 1.0227 although we may still have some further upside in the near-term as 1.0155-1.0160 represents a confluence of multiple key Fibonacci levels. Break below this threshold offers conviction on short scalps into primary objective range. The 30min RSI signature has remained bearish since the start of the week with multiple failed attempts at a breech above the 60-theshold. (Note that breech above RSI resistance would suggest larger correction higher before the resuming the broader downtrend)

*We will remain flexible with our bias with a break above 1.0226 eyeing subsequent resistance targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.

Key Threshold Grid

Entry/Exit Targets




Resistance Target 1



50% Fib Extension

Bearish Invalidation

30min / Daily


61.8% Ext / 76.4% Retrace

Break Target 1



38.2^% Fib Extension

Break Target 2



Soft Resistance / Pivot

Break Target 3



61.8% Retracement

Break Target 4



38.2% Retracement

Support Target 1



Soft Support / Pivot

Bullish Invalidation

Daily / 30min

1.0155 - 1.0161

61.8% & 100% Exts

Break Target 1


1.0114 – 1.0120

March Low / 1.236% Ext

Break Target 2



78.6% Fib Extension

Break Target 3



1.50% Fib Extension

Break Target 4



1.618% Fib Extension

Break Target 5



100% Fib Extension

Average True Range



Profit Targets 17-19pips

Other Scalp Setups in Play: GBPUSD Short Scalps Target Objective at 1.54 - BoE on Tap

Reviews today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

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