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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • 🇪🇸 Markit Manufacturing PMI (JUL) Actual: 59 Expected: 59.5 Previous: 60.4
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.12% 🇪🇺EUR: 0.10% 🇦🇺AUD: 0.10% 🇯🇵JPY: -0.00% 🇨🇦CAD: -0.00% 🇨🇭CHF: -0.06% View the performance of all markets via
  • Heads Up:🇨🇭 Manufacturing PMI (JUL) due at 07:30 GMT (15min) Previous: 66.7
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.60% France 40: 0.55% US 500: 0.52% Germany 30: 0.44% Wall Street: 0.44% View the performance of all markets via
  • Heads Up:🇪🇸 Markit Manufacturing PMI (JUL) due at 07:15 GMT (15min) Expected: 59.5 Previous: 60.4
  • Take a closer look visually at the most influential global importers and exporters here:
  • Ethereum/Bitcoin spread looks to have broken trendline resistance we spoke about the weekend. #ethereum #bitcoin #eth #btc @dailyfx
  • 🇨🇭 Retail Sales YoY (JUN) Actual: 0.1% Previous: 2.8%
  • 🇨🇭 Inflation Rate YoY (JUL) Actual: 0.7% Expected: 0.7% Previous: 0.6%
  • Heads Up:🇨🇭 Retail Sales YoY (JUN) due at 06:30 GMT (15min) Previous: 2.8%
Trading the EURAUD Reversal- Scalp Bias Bearish Below 1.5334

Trading the EURAUD Reversal- Scalp Bias Bearish Below 1.5334

Michael Boutros, Strategist

Talking Points

  • EURAUD correction off key technical resistance underway
  • Near-term bearish bias at risk ahead of major support targets
  • Weekly/Monthly opening range in focus
  • Major event risk on tap from Australia & Eurozone this week

EURAUD Daily Chart

Forex_Trading_the_EURAUD_Reversal-_Scalp_Bias_Bearish_Below_1.5334_body_EURAUD_Daily.png, Trading the EURAUD Reversal- Scalp Bias Bearish Below 1.5334

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURNZD trading heavy after tagging key resistance 1.5778 last month
  • Daily RSI divergence & support trigger break- bearish
  • Weekly opening range breaks to the downside- bearish
  • Interim support in view 1.5118/48
  • Break targets support objectives 1.5030 & 1.4940/78- bullish invalidation
  • Resistance at 1.5450/80- Breach puts broader trend back into focus
  • Event Risk on Tap: Australian Trade Balance & Retail Sales and Eurozone Retail Sales tomorrow& ECB rate Decision Thursday

EURAUD Scalp Chart

Forex_Trading_the_EURAUD_Reversal-_Scalp_Bias_Bearish_Below_1.5334_body_EURAUD_SCALP.png, Trading the EURAUD Reversal- Scalp Bias Bearish Below 1.5334

Notes: Last month we highlighted a key support zone around the 1.5020 region and the EURAUD now seems poised to re-test this threshold after achieving all three of our primary objectives and completing a 0.618% extension from the advance off the 2013 low at 1.5778. For now, we’re still treating this pullback as a correction and the pair is coming into some interesting support targets which if compromised would suggest that a more significant high was put in place last month.

Although our broader bias remains weighted to the topside, the initial weekly opening range looks to have broken and an outside day reversal today keeps our focus on the short side of EURAUD while below the opening range low at 1.5297-1.5334 with only a breach above the weekly/monthly range high at 1.5482 shifting our focus back to the topside. Note that the AUDUSD has also shown a similar divergence pattern with today’s rally breaking a resistance trigger dating back to the August high- supportive of further losses in EURAUD. Look for data prints out of Australia and the Eurozone ahead of the ECB to spark some added volatility. Follow the progress of this trade setup and more throughout the trading week 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



Psychological Figure / 78.6% Retracement

Resistance Target 2



TL Resistance / Pivot

Bearish Invalidation

Daily / 30min

1.5297- 1.5334

Weekly ORL / 61.8% Retrace & Ext

Break Target 1

Daily / 30min


50% Retrace & Ext / Pivot

Break Target 2



Weekly ORH

Break Target 3



Dec High / Pivot

Bullish Invalidation

Daily / 30min


Pitch Fork Support / 38.2% Retrace / 100% Ext

Break Target 1

Daily / 30min


January Low / November High / August High

Break Target 2



23.6% & 50% Retracements

Break Target 3



Soft Support / Pivot

Break Target 4



December Low / 100DMA

Average True Range

Daily (20)


Profit Targets 43-46pips

*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 Wednesday morning on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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