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
Wall Street
Bearish
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
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/stMPuq0VXR
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/fIO9TP7D62
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
AUDUSD Setup Pending Weekly Range Break- At Risk Below 9300

AUDUSD Setup Pending Weekly Range Break- At Risk Below 9300

Michael Boutros, Strategist

Talking Points

  • AUDUSD up nearly 7.5% off 2014 low
  • Rally at risk below key resistance
  • Weekly/Monthly Opening Ranges taking shape just below

AUDUSD Daily Chart

Forex-AUDUSD-Setup-Pending-Weekly-Range-Break--At-Risk-Below-9300_body_AUDUSD_DAILY.png, AUDUSD Setup Pending Weekly Range Break- At Risk Below 9300

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDUSD Weekly/Monthly opening range taking shape below key resistance 9308/38
  • Near-term bias shifts lower with break below 9208/18
  • Subsequent support objectives 9140/47, 9080 & 9046
  • Breach above 9338 targets resistance at 9394 & 9522 (H&S objective)
  • Daily RSI holds Sub-70 suggests near-term momentum waning
  • Momentum support trigger pending
  • Event Risk Ahead- US Non-Farm Payrolls on Friday

AUDUSD Scalp Chart

Forex-AUDUSD-Setup-Pending-Weekly-Range-Break--At-Risk-Below-9300_body_AUDUSD_SCalp.png, AUDUSD Setup Pending Weekly Range Break- At Risk Below 9300

Notes: Since our last AUDUSD update in March, the pair has pushed higher taking out the inital topside objectives before failing just ahead of the 100% extension taken form the 2014 low at 9308. The pair has now offered a well-defined weekly opening range (9218-9303) just below key resistance with long exposure at risk below the weekly high heading into Friday’s NFP report. Although an intra-day outside reversal candle at fresh 4-month highs earlier in the week did put a bearish tone on the pair, we await a break below the weekly range low to offer further conviction that a near-term high may be in place.

Bottom line: we’ll look for a definitive break of the weekly open to validate our scalp bias with our initial focus against the 9308/38 resistance range. That said, it’s important to note that the Aussie continues to trade within the confines of an ascending channel formation dating back to the January lows and a breach above this thresholds puts the topside back in play eyeing objectives up into the 9500 region. A break sub-9080 is needed to shift the broader focus back to the short side. Follow the progress of this trade setup and more throughout the trading week with 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

Resistance Target 1

30min

9257

Soft Resistance / Sunday Asia High

Resistance Target 2

Daily / 30min

9303/08

100% Extension / Weekly ORH

Bearish Invalidation

Daily / 30min

9339/42

61.8% Retracement / 1.618% Extension

Break Target 1

Daily

9393

38.2% Retracement

Break Target 2

Daily / 30min

9447

Soft Resistance / Nov Swing High

Break Target 3

Daily

9522

78.6% Retracement

Bullish Invalidation

Daily / 30min

9205/19

23.6%, 50%, 61.8% Retrc(s) / 100% Ext / Wkly ORL

Break Target 1

30min

9167

100% Fib Extension

Break Target 2

Daily / 30min

9144/47

61.8% Ext / 38.2% Retrace / 200DMA (9140)

Break Target 3

30min

9110

Soft Support / Last Week’s ORH

Break Target 4

Daily / 30min

9078/80

38.2% Retracement

Break Target 5

30min

9046

2/24 High / Last Week’s Low / 61.8% Retrace

Average True Range

Daily (20)

78

Profit Targets 18-20pips

*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 on Thursday mornings on DailyFX Plus (Exclusive of Live Clients) at 12:30 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.

DISCLOSURES