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AUDCAD Scalps Target Key Support- Bias Bearish below 9746

AUDCAD Scalps Target Key Support- Bias Bearish below 9746

Michael Boutros, Strategist

Talking Points

  • AUDCAD broader bias back in focus after failure to hold above 200DMA
  • Immediate focus is higher however after rebounding off technical support
  • Looking to sell rallies while below the December high

AUDCAD Daily Chart

Forex_AUDCAD_Scalps_Target_Key_Support-_Bias_Bearish_below_9746_body_Picture_2.png, AUDCAD Scalps Target Key Support- Bias Bearish below 9746

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

  • AUDCAD fails to hold above 200DMA- break back below Dec high- bearish
  • Key support 9580/97- bullish invalidation
  • Subsequent support objectives 9505/14, TL Support & 9410/16
  • Resistance at 9746- bearish invalidation of scalp bias
  • Momentum signature at support- Trigger break to offer conviction

AUDCAD Scalp Chart

Forex_AUDCAD_Scalps_Target_Key_Support-_Bias_Bearish_below_9746_body_Picture_1.png, AUDCAD Scalps Target Key Support- Bias Bearish below 9746

Notes: The reversal off the 99-handle early this week has put the broader trend back into focus and although the outlook remains weighted to the downside, our immediate focus is the rebound off the 9580/98 support zone. A pending trigger break in momentum offers conviction on near-term long exposure against the weekly low, but traders should remain nimble. Medium-term players are looking for short entries higher up with a rally into subsequent resistance targets with RSI conviction offering favorable short entries.

Bottom line: looking for a lower higher to get back on the short-side, with our immediate focus higher heading into the week’s end. Look for the momentum signature to reset, offering more suitable short-triggers. We’ll be following the progress of this trade and more in DailyFX on Demand.

* 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.

Key Threshold Grid

Entry/Exit Targets




Resistance Target 1



Soft Resistance / Pivot

Resistance Target 2



23.6% Retracement

Resistance Target 3



38.2% Retracement

Bearish Invalidation

Daily / 30min


50% Fib / Dec High / (200DMA at 9758)

Break Target 1



61.8% Retracement / Weekly ORL

Break Target 2



61.8% Retracement (Off Oct High)

Break Target 3



78.6% Retracement

Break Target 4



Soft Resistance / Nov Swing High

Bullish Invalidation

Daily / 30min


61.8% Retrace / 50% Extension

Break Target 1



Soft Support / Pivot

Break Target 2



Soft Support / Pivot

Break Target 3

Daily / 30min


78.6% Retrace / 61.8% Fib Extension

Break Target 4



88.6% Retracement

Break Target 1

Daily / 30min


61.8% Retrace / January Low

Average True Range

Daily (20)


Profit Targets 19-21pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

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

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

To contact Michael email or Click Here to be added to his email distribution list

Join Michael for a Live Scalping Webinar on Monday on DailyFX and Tuesday, Wednesday and Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

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