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EURAUD Scalps Target 1.46- Breakout Levels Well Defined

EURAUD Scalps Target 1.46- Breakout Levels Well Defined

2014-10-13 20:32:00
Michael Boutros, Strategist
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Talking Points

EUR/AUD Daily Chart

EURAUD Scalps Target 1.46- Breakout Levels Well Defined

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURAUD rebounds off key resistance 1.4577-1.4601- bearish invalidation level
  • Breach targets objectives at the Andrew’s Pitchfork bisector ~1.4700, 1.4734/50, 1.4800/16
  • Constructive above 1.4340/45, 1.4302/13- bullish invalidation
  • Support break targets objectives at 1.4270, 1.4206 & 1.4166.
  • Daily RSI resistance trigger / 60-breach would be constructive
  • Event Risk Ahead: Australian NAB Business Confidence/Conditions tonight, China CPI tomorrow, Eurozone Industrial Production tomorrowand CPI on Thursday

EUR/AUD 30min Chart

EURAUD Scalps Target 1.46- Breakout Levels Well Defined

Notes: An outside key reversal candle last month off pitchfork support shifted our bias to the long side of the EURAUD with the focus on key resistance at the 1.46-handle. This region has continued to cap the advance and remains our near-term bearish invalidation level. Note that the initial pullback off that level last month found support right at former pitchfork resistance and keeps the broader topside play in focus.

Bottom line: looking for long-triggers / buy pullbacks while above 1.4345 withonly a break sub-1.43 shifting our bias back to the short-side. A breach above of the 1.46-handle (on a close basis) offers further validation of our near-term directional bias with such a scenario eyeing subsequent topside objectives. 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

Resistance Target 1

30min

1.4498- 1.45

10/8 Swing High / 38.2% Retracement

Resistance Target 2

30min

1.4542

23.6% Retracement / Last Week’s High

Bearish Invalidation

Daily / 30min

1.4575– 1.4601

Weekly ORH (1.4612) / July High / 38.2% Retrace

Break Target 1

30min

1.4668

50% Retracement

Break Target 2

Daily / 30min

1.4700

June Close High / ~Pitchfork Bisector

Break Target 3

Daily / 30min

1.4735/50

200DMA / R1 Monthly Pivot / June High

Break Target 4

Daily / 30min

1.4800/16

61.8% Ext / 50% Retrace / December Low

Support Target 1

30min

1.4428

61.8% Retracement

Support Target 2

30min

1.4377/84

78.6% Retracement / 100DMA

Support Target 3

30min

1.4340/45

9/12 Close / Thursday Low

Bullish Invalidation

Daily

1.4302/13

Monthly ORL / 38.2% Retrace / 50DMA (1.4297)

Break Target 1

Daily

1.4270

Monthly Central Pivot

Break Target 2

30min

1.4237

Sept Swing Low / Soft Support

Break Target 3

30min

1.4206

50% Retracement

Average True Range

Daily (20)

133

Profit Targets 31-34pips

*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 Mondays on DailyFX and Tuesday – Thursdays on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

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