Post NFP Scalps Target USD Breakout - Weekly Opening Ranges in Focus
- USD Crosses, Gold in Focus Post-NFPs
- Updated targets & invalidation levels
- Event Risk on Tap This Week
Chart Created Using FXCM Marketscope 2.0
Notes:The NFP release charged a rally into the first two resistance objectives noted on Thursday at 11,935 and the July median-line (which is now holding as resistance & the weekly ORH). Note that momentum is also holding just below the 70-threshold as price holds this technical feature. Look for near-term support at the former upper ML parallel backed by 11880. The broader trade remains constructive above the highlighted bullish invalidation level noted last week (adjusted for slope).
Notes:Gold made a decisive break of a support region we have been tracking for the past 3-weeks at 1195/98. The region is defined by the 1.618% extension of the decline off the yearly high, the 61.8% retracement of the advance off the November low and basic trendline support. The region was also defined by the weekly opening range low heading into Friday’s release with the break prompting a $30+ drop into near-term support at 1168. A break below this region targets more significant support at 1150/51. Near-term we’ll be on the lookout for a possible recovery if the dollar falters- Interim resistance stands at today’s highs (former upper MLP in blue) with near-term resistance & bearish invalidation steady at 1195/98.
Relevant Data Releases
Other Setups in Play:
- NFP Setups in Focus- USD Breakout Plays
- GBPAUD Reversal at Interim Support- Scalps Target 1.9500
- Scalps Target USDCAD Breakout Heading Into BoC, NFPs
- Webinar: Key Scalps in Focus Ahead of RBA, ECB, NFPs
- USD/JPY Scalp Targets 119.64 Resistance Ahead of GDP
---Written by Michael Boutros, Currency Strategist with DailyFX
For updates on this scalp and more setups follow him on Twitter @MBForex
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