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GBPAUD Scalps Target 1.9850 Resistance Ahead of UK & AUS Data

GBPAUD Scalps Target 1.9850 Resistance Ahead of UK & AUS Data

What's on this page

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPAUD rally now coming into key resistance at 1.9820, 1.9887 (bearish invalidation)
  • Long scalps at risk below this level zone
  • Breach targets longer-term resistance objectives at 2.0027 & 2.0230
  • Interim support at 1.9630/45 (near-term bullish invalidation)
  • Support break targets median line ~9350 & key support at 1.9185-1.9224
  • Daily RSI coming into 60-resistance, break keep topside in focus
  • Break sub-50 with a move below the weekly ORL reinforces reversal play
  • Event Risk Ahead: UK Industrial / Manufacturing Production & Australian Employment Report tomorrow

GBP/AUD 30min

Notes:The focus is on near-term resistance just higher with divergence in the intra-day momentum signature warning of possible exhaustion. The pair has continued to trade within the confines of a descending pitchfork off the yearly highs with a breach above this resistance region risking a continuation of the broader up-trend.

Bottom line: we’ll be looking to sell rallies / short-triggers while below the highlighted resistance region just below 1.9850 with a break sub-1.9630/45 needed to reaffirm the reversal play. Such a scenario targets subsequent support objectives into the 1.95-handle & the weekly ORL at 1.9450. More significant support rests lower at 1.9327/63.Note that this is a long-range setup with a quarter of the daily ATR yielding profit targets of 49-53 pips per scalp. Caution is warranted heading into the UK & Aussie data tomorrow with the releases likely to fuel added volatility in GBP & AUD 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

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.