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.

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
Subscribe
Please try again
Oil - US Crude
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
Gold
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.47%, while traders in Wall Street are at opposite extremes with 74.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ydWxl8vBrm
  • RT @IGSquawk: Robinhood opens at $38 before briefly touching through $40 $HOOD 37.05 -2.5%
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 3.09% Gold: 1.40% Oil - US Crude: 1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RaPjCTUhoN
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.86% 🇨🇦CAD: 0.66% 🇬🇧GBP: 0.41% 🇪🇺EUR: 0.33% 🇯🇵JPY: 0.30% 🇦🇺AUD: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aedAWqGkhx
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter 👇 https://t.co/639Y34LoWI
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter discusses Down pointing backhand index👇 https://t.co/hJbVcsxyER
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.54% Wall Street: 0.52% Germany 30: -0.05% FTSE 100: -0.08% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KovwTZk8iu
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
GBPNZD Scalps Target Opening Range- Higher Low in Place?

GBPNZD Scalps Target Opening Range- Higher Low in Place?

Michael Boutros, Strategist

Talking Points

  • GBPNZD heading into near-term support
  • Weekly opening range in focus- Key near-term support 1.9650
  • Broader outlook bullish above 1.9460
  • Event risk on tap from UK & New Zealand this week

GBPNZD Daily Chart

Forex_GBPNZD_Scalps_Target_Opening_Range-_Higher_Low_in_Place_body_Picture_2.png, GBPNZD Scalps Target Opening Range- Higher Low in Place?

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPNZD testing near-term support
  • Weekly opening range in focus- Break to offer conviction on scalp bias
  • Interim support 1.9764, 1.9710, 1.9650/61-- bullish invalidation
  • Resistance breach above 1.9881/93 shifts scalp focus higher
  • Topside objectives 1.9986/92, 2.0052/71, 2.0331/43
  • Momentum testing support trigger / intra-week RSI in consolidation
  • Event Risk on Tap: UK Quarterly Inflation Report and New Zealand Business Manufacturing PMI & Food Prices on Wednesday

GBPNZD Scalp Chart

Forex_GBPNZD_Scalps_Target_Opening_Range-_Higher_Low_in_Place_body_Picture_1.png, GBPNZD Scalps Target Opening Range- Higher Low in Place?

Notes: Last month our focus was on the 9753 support level and our scalp bias was weighted to the topside above this mark. The pair eventually rallied into a fresh multi-year high before turning around in early February to close last week just above this same level. We are neutral here to start off the week as we await a break of the weekly opening range to offer conviction on our scalp bias. Key near-term resistance stands just above the weekly opening range high at 1.9880/93 and a breach/close above this mark with RSI conviction warrants long exposure.

On a broader outlook, a new monthly low to check key support at 9650/60 should not be ruled out and may offer more favorable long entries. A break below this threshold puts us neutral again with a move sub-9460 suggesting that a more significant correction is underway.

Bottom line: our immediate focus is on a conviction break of the weekly opening range with our broader bias weighed to the topside while above 9460. 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

Timeframe

Level

Significance

Bearish Invalidation

Daily / 30min

1.9881/93

23.6% Retrace / 100% Fib Ext / 50DMA (1.99)

Break Target 1

30min

1.9930

Soft Resistance / Pivot

Break Target 2

Daily / 30min

1.9986/93

38.2% Retracement / 1.618 Fib Ext

Break Target 3

Daily / 30min

2.0052/71

50% Ext / 50% Retracement

Break Target 4

Daily / 30min

2.0131/56

Soft Pivot / 61.8% Retrace / 2.618 Ext

Break Target 5

30min

2.0213

Soft Resistance / Pivot

Break Target 6

30min

2.0277

78.6% Retracement

Break Target 7

Daily / 30min

2.0331/43

61.8% Extension(s)

Support Target 1

30min

1.9764/72

Weekly ORL / 38.2% Extension

Support Target 2

30min

1.9710

Monthly ORL

Bullish Invalidation

Daily / 30min

1.9650/61

50% & 78.6% Retracement(s)

Break Target 1

30min

1.9560

Soft Support / Pivot

Break Target 2

Daily / 30min

1.9461/65

100% Ext / 61.8 Retrace / January Low / 200DMA

Break Target 3

Daily / 30min

1.9390

38.2% Retracement

Average True Range

Daily (20)

220

Profit Targets 51-54pips

*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 mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars next week Tuesday- Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 1130 GMT (11:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES