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AUDCAD Short Bias Vulnerable- Scalps Target Weekly Opening Range

AUDCAD Short Bias Vulnerable- Scalps Target Weekly Opening Range

2014-12-08 19:03:00
Michael Boutros, Strategist
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Talking Points

AUD/CAD Daily

AUDCAD Short Bias Vulnerable- Scalps Target Weekly Opening Range

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDCAD coming into key support region / 2013 Open / 2010 TL Support
  • Shorts at risk into9420/46, 9392support regions- bullish invalidation
  • Interim resistance 9566/72, 9698 & Pitchfork resistance ~ 9720
  • Daily RSI resistance trigger pending- breach would be constructive near-term
  • Event Risk Ahead: Australian Employment & Canadian New Housing Price Index on Thursday

AUD/CAD 30min

AUDCAD Short Bias Vulnerable- Scalps Target Weekly Opening Range

Notes:The AUDCAD is trading within the confines of a well-defined descending Andrew’s pitchfork formation off the November high with today’s low reversing off the confluence support region at 9440/58. Ongoing momentum divergence into this support zone accompanied with a break above the November TL suggests the pair may be reaching near-term exhaustion. That said, we’ll be looking for a low to buy with a breach of the weekly opening range high needed to validate a near-term rebound.

Bottom line: looking for long-triggers / buy dips while above the 94-handle with a breach above the pitchfork bisector eying subsequent topside resistance targets. Note that the broader outlook remains weighted to the downside and inevitably we would be looking to sell the proposed rally. Caution is warranted heading into Thursday’s Australian employment report with the release likely to fuel added volatility in the Aussie crosses.

* 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.

Relevant Data Releases

AUDCAD Short Bias Vulnerable- Scalps Target Weekly Opening Range

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

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