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
EUR/USD
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • GBP/USD IG Client Sentiment: Our data shows traders are now at their most net-long GBP/USD since Apr 12 when GBP/USD traded near 1.37. A contrarian view of crowd sentiment points to GBP/USD weakness. https://www.dailyfx.com/sentiment https://t.co/oqggIco9Rb
  • USD/CAD breaks out of its multi-week trading range. Client sentiment data shows traders cutting back their long positions. Get your $USDCAD market update from @nickcawley1 here:https://t.co/0jaBKT1c1p https://t.co/tcRug98zDc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.90%, while traders in France 40 are at opposite extremes with 70.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VjYBuNfKGv
  • $XAUUSD - Big Spot here for #Gold . . . https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/06/10/Gold-Price-Outlook-Gold-Pops-on-Hot-Inflation--Bulls-Eyes-Resistance-GLD-Technical-Forecast-MBTS6.html https://t.co/BPcJ6OUiuM
  • RT @ZabelinDimitri: What are markets looking at next ahead now that we've got the Fed rate decision behind us? Take a look⬇️
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.23% FTSE 100: 0.20% France 40: 0.19% US 500: -0.98% Wall Street: -1.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PmrtAwxR49
  • $XAUUSD - Big Spot here for #Gold . . . https://t.co/V6vp7zTZ04 https://t.co/9nPPFBM5Nd
  • The FTSE is turning lower from big spot of resistance. Testing channel structure off the February low. Get your market update from @PaulRobinsonFX here:https://t.co/2fEB1tJ5Zh https://t.co/7NrWwY9jBl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.57%, while traders in France 40 are at opposite extremes with 70.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Gb5NeVBsGS
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/18/US-Dollar-Price-Action-Setups-EURUSD-GBPUSD-AUDUSD-USDCAD.html https://t.co/EyDRu1uB8q
AUDJPY Outside Reversal Day- Scalps Favor Buying Dips Above 96.38

AUDJPY Outside Reversal Day- Scalps Favor Buying Dips Above 96.38

Michael Boutros, Strategist

Talking Points

AUD/JPY Daily

AUDJPY Outside Reversal Day- Scalps Favor Buying Dips Above 96.38

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDJPY breaches weekly opening range- bullish
  • Outside reversal day yesterday off key support 96.40 – bullish invalidation
  • Interim resistance 97.37/50- breach targets objectives at 98.14, 98.70 & 99.51/53
  • Support breaks targets objectives at 95.90-96.05, 95.66 & 94.46
  • Daily RSI rebound off 50- constructive
  • Event Risk Ahead: FOMC and Japan Trade Balance tomorrow

AUD/JPY 30min Chart

AUD/JPY 30-Min Chart

Notes: The AUDJPY has made an outside reversal candle off key support today with the rally breaching through the initial weekly opening range. Note that this move now surpasses the Sunday open gap range and shifts our near-term bias to the topside while above 96.38. This level has remained a key pivot in price and is now defined the highest close for July & the weekly opening range low and will serve as our bullish invalidation level.

Bottom line: looking to buy dips while above the weekly opening range low with a breach above 97.54 opening up subsequent topside objectives. Note that the average true range has remained rather tight here so we’ll increase the profit targets to 1/3 of the daily ATR- this puts us at approximately 21pips per scalp.Caution is warranted heading into significant event risk this week with Wednesday FOMC policy decision specifically likely to fuel added volatility. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.

k

* 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

97.47/55

23.6% & 50% Retrace(s) / 61.8% Extension

Break Target 1

30min

97.78

61.8% Retracement

Break Target 2

Daily / 30min

98.14/17

61.8% Ext(s) / 78.6% Retracement

Break Target 3

30min

98.40

88.6% Retracement

Break Target 4

Daily / 30min

98.67/69

Sept ORH / 1.382% Ext / April 2013 Swing Low

Break Target 5

Daily

99.51/53

78.6% & 1.618% Ext(s)

Support Target 1

30min

97.24

9/10 Swing Low / 38.2% Retracement

Support Target 2

Daily / 30min

96.85/95

100% Ext / 23.6% & 38.2% Retrace(s)

Bullish Invalidation

Daily / 30min

96.29/41

1.382% Ext / 50% Retrace / July Close High

Break Target 1

Daily / 30min

95.90-96.08

61.8% & 1.618% Ext(s) / 50% Retrace / 50DMA

Break Target 2

Daily / 30min

95.66/73

100DMA / 61.8% Retracement

Break Target 3

30min

94.93 – 95.01

8/15 Swing Low / 78.6% Retracement

Break Target 4

30min

94.69

2.618% Extension

Average True Range

Daily (20)

62

Profit Targets 18-21pips

*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 this week Tuesday – Thursday 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