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Breaking news

Core PCE prints at 1.6% v/s expectation of 1.4% - PMI reports are on deck

AUDNZD Testing 2014 Range Highs- 1.09 Key Resistance

AUDNZD Testing 2014 Range Highs- 1.09 Key Resistance

2014-05-28 19:12:00
Michael Boutros, Strategist
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Talking Points

  • AUDNZD testing topside of 2014 consolidation pattern
  • Weekly opening range bullish
  • Limited event risk into the close of May

AUDNZD Daily Chart

AUDNZD Testing 2014 Range Highs- 1.09 Key Resistance

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDNZD testing key 2014 resistance 1.0882- 1.0906
  • Breach targets resistance objectives at 1.0946, 1.0985 & 1.1027/35
  • Key support 1.0738, 1.0675
  • Daily RSI resistance trigger break- bullish

AUDNZD Scalp Chart

AUDNZD Testing 2014 Range Highs- 1.09 Key Resistance

Notes: The May opening range broke to the topside on the 8th with the subsequent rally now taking the AUDNZD into a key resistance range between 1.0882 -1.0906. The pair has largely been in a well-defined range since the start of 2014 with price now testing the topside of the broader consolidation pattern dating back to the January low.

Although the weekly opening range did break to the topside, the immediate focus is against this resistance range with a topside breach needed to shift the broader focus into subsequent breakout targets. Bottom line: we’ll continue to trade the 2014 range while noting that proximity to critical resistance (bearish invalidation) just higher at 1.0906. A break below the weekly opening range low would add further conviction on the short-side of the trade eyeing the 1.0738 support objective. 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

Technical Relevance

Bearish Invalidation

Daily / 30min

1.0882 – 1.0905

61.8% Ext(s) / 38.2% Retrace / Jan High / TL Res

Break Target 1

Daily / 30min

1.0945

2014 High / 78.6% Extension

Break Target 2

Daily / 30min

1.0980/85

100% Extension(s)

Break Target 3

Daily / 30min

1.1027/35

100% Ext / 50% Retracement

Support Target 1

30min

1.0838

38.2% Extension / Weekly ORH

Bullish Invalidation

30min

1.0787

Weekly ORL

Break Target 1

30min

1.0765

Soft Support / Pivot

Break Target 2

Daily / 30min

1.0738/47

23.6% & 50% Retracements

Break Target 3

30min

1.0700

Soft Support / Pivot

Break Target 4

30min

1.0675

61.8% Retracement

Break Target 5

Daily / 30min

1.0647

May Low / Pivot

Average True Range

Daily (20)

60

Profit Targets 14-17pips

*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 Thursday this week on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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