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.

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
EUR/USD
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
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.35B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.30B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • #Copper Price Outlook Remains Bullish Despite Shift in Risk Appetite #XCUUSD $HG https://www.dailyfx.com/forex/market_alert/2020/09/23/Copper-Price-Outlook-Remains-Bullish-Despite-Shift-in-Risk-Appetite.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/VvFm9ekfaB
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.350B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/S0zbaMLVPK
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • $AUDUSD attempting to find support at the 61.8% Fib (0.7131) after collapsing below the 0.72 level. Bullish RSI divergence suggests a recovery is in the offing, if support successfully stifles selling pressure. Is $AUDUSD poised to recover lost ground? $AUD $USD https://t.co/Ng1Mo98m1C
  • $NZDUSD gained on the #RBNZ rate decision today But, could the New Zealand Dollar resume recent weakness following the rise in market volatility? Check out my market alert here - https://www.dailyfx.com/forex/market_alert/2020/09/23/New-Zealand-Dollar-Gains-on-RBNZ-But-NZDUSD-May-Follow-SP-500-Lower.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Kh7eUkJ5bk
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.09% Silver: -0.72% Oil - US Crude: -1.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/jaR1G9i65d
  • Market Outlook Ahead of the First Biden-Trump Presidential Debate: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/23/Market-Outlook-Ahead-of-the-First-Biden-Trump-Presidential-Debate.html
GBPAUD Scalps Target Key Resistance- Bullish Above 1.7920

GBPAUD Scalps Target Key Resistance- Bullish Above 1.7920

2014-05-19 19:43:00
Michael Boutros, Strategist
Share:

Talking Points

  • GBPAUD eyes key near-term resistance
  • Weekly opening range taking shape just below
  • Major event risk on tap from Australia & UK

GBPAUD Daily Chart

GBPAUD Scalps Target Key Resistance- Bullish Above 1.7920

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPAUD testing key resistance range- January 24th TL / Fibonacci confluence 1.8022/50
  • Breach targets resistance objectives at 1.8184 & 1.8280/90bearish invalidation
  • Support at 1.7830, 1.7803, 1.7756 & 1.7663
  • Daily RSI support/resistance triggers pending
  • Event Risk Ahead: RBA minutes tonight UK CPI Tomorrow, Retail Sales on Wednesday and 1Q GDP on Thursday

GBPAUD Scalp Chart

GBPAUD Scalps Target Key Resistance- Bullish Above 1.7920

Notes: The GBPAUD is approaching a major inflection point with the weekly opening range taking shape just below a key Fibonacci resistance range between 1.8034/43. We’ll utilize this region as our weekly opening range high with a breach/close above targeting subsequent topside objectives. Not that last week’s rebound took place at the April 10th close price (the monthly low was made that day- bullish).

The pair broke above near-term trendline resistance dating back to the monthly high last night and a pullback to test this level as support may in the cards before the next leg. Bottom line: long-scalps are favored while above 1.7920 with a breach above 1.8034/43 offering further conviction on our near-term directional bias.

Use caution heading into the Asia/Pacific session tonight with the release of the RBA minutes due at 9:30PM (ET) and the UK Consumer Price Index (CPI) on tap tomorrow morning. 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

Bearish Invalidation

Daily / 30min

1.8034/43

61.8% & 38.2% Ext(s)

Break Target 1

30min

1.8074

Last Week’s High

Break Target 2

30min

1.8105/17

61.8% Retracement / 100% Ext

Break Target 3

Daily / 30min

1.8176/84

61.8% Fib Ext / May 2nd Close

Break Target 4

30min

1.8220

Soft Resistance / Pivot

Break Target 5

Daily / 30min

1.8280/90

38.2% & 50% Retracements / May ORH

Bullish Invalidation

30min

1.7921

Weekly ORL / Pivot

Break Target 1

30min

1.7870

Soft Support / Pivot

Break Target 2

Daily / 30min

1.7830

May ORL

Break Target 3

Daily

1.7803

200DMA

Break Target 4

Daily / 30min

1.7737/56

April Low / 100% Ext

Break Target 5

Daily

1.7663

50% Retracement

Average True Range

Daily (20)

114

Profit Targets 27-29pips

*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 Tuesday - Thursday this week on DailyFX Plus (Exclusive of Live Clients) at 15:30 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