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
Bearish
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
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/y5YcxUXJIe
  • As we near the US open...😟 Wall Street down 1.72% (474 points) Nasdaq 100 down 1.08% (125 points) S&P 500 down 1.46% (49 points) @DailyFXTeam Prices via @IGcom
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7 Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • $AUDUSD getting absolutely hammered at the moment, down over 0.5% since the London session opened Next key support level seems to come in at the 0.7070 mark with a break below carving a path for price to retest the monthly low (0.7020) $AUD #technicalanalysis https://t.co/9ynzvhSNK2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.51%, while traders in NZD/USD are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PpTagTe3eM
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/OCT) due at 11:00 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.56% Silver: -0.70% Oil - US Crude: -3.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Y9FMU0wUMo
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UvqOCYfxgX
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇦🇺AUD: -0.34% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.42% 🇬🇧GBP: -0.50% 🇳🇿NZD: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZcpUZzcGyf
Scalping the AUDCHF Reversal- 8360 Resistance in Focus

Scalping the AUDCHF Reversal- 8360 Resistance in Focus

2014-09-30 19:31:00
Michael Boutros, Strategist
Share:

Talking Points

AUD/CHF Daily Chart

Scalping the AUDCHF Reversal- 8360 Resistance in Focus

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDCHF responds to 2014 trendline support / outside reversal day– bullish
  • Resistance at 8350/60- scalp bias bearish invalidation
  • Breach targets resistance objectives at 8450, 8500/11 & 8545
  • Support at 8267/70- bullish invalidation
  • Break targets support objectives at 8202/30 & 8111/15
  • Daily RSI divergence on a hold above 40 threshold- constructive
  • Event Risk Ahead: China Manufacturing PMI & Australian Retail Sales tonight and Australian Trade Balance & Building Approvals on Wednesday

AUD/CHF 30min Chart

Scalping the AUDCHF Reversal- 8360 Resistance in Focus

Notes: Back on September 11th we highlighted a key inflection zone in the AUDCHF at 8499-8511 while noting that, “a daily close below keeps the focus weighted to the short-side of the trade with support objectives seen lower at the 100-day moving average (~8400) and 8350/60.” The pair has since taken out both profit objectives before rebounding off a trendline support dating back to the 2014 low. A break of the initial weekly opening range high today and a key outside day reversal candle has shifted our near-term focus back to the topside.

The pair now stands just below the 8350/60 inflection zone and we will use this level as our near-term bearish invalidation level. Bottom line: looking to buy pullbacks while above the 2014 trendline support with only a break below this week’s opening range low at 8267/71 invalidating our directional bias. Caution is warranted on this pair heading into the close of the month/quarter with event risk out of Australia & China tonight likely to fuel added volatility in Aussie crosses. Follow the progress of trade setups like these 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

8351/61

38.2% & 61.8% Retracement(s)

Break Target 1

30min

8382

23.6% Retracement

Break Target 2

30min

8407

100% Extension August High

Break Target 3

Daily / 30min

8430

Soft Resistance / Monthly S1 Pivot (8438)

Break Target 4

30min

8450

38.2% Retracement

Break Target 5

Daily / 30min

8500/11

23.6 & 76.4% Retrace(s) / Monthly Central Pivot

Support Target 1

30min

8335

Initial Weekly ORH

Support Target 2

30min

8307

Soft Support / Pivot

Bullish Invalidation

Daily / 30min

8267/71

Sept Low / 1.618% Extension / TL Support

Break Target 1

Daily / 30min

8232/42

50% Retrace / 200DMA

Break Target 2

Daily / 30min

8203

January High

Break Target 3

Daily / 30min

8111/15

April, May Lows / 61.8% Retrace / S3 Monthly

Break Target 4

Daily

8040/47

March Swing High / 2.618% Extension

Average True Range

Daily (20)

87

Profit Targets 20-22pips

*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 on Monday on DailyFX and Tuesday – Thursday 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