Scalp Webinar: USD Defends Support Slope- Bulls at Risk Ahead of NFP
- Weekly DailyFX Scalp Webinar Archive covering featured setups
- Updated targets & invalidation levels ahead of NFPs
- AUDUSD scalp update- Shorts at risk into 7600
- Event Risk on Tap ThisWeek
Chart Created Using FXCM Marketscope 2.0
Notes:The USDOLLAR has continued to hold key slope support noted over the past few weeks with the index sharply higher after multiple attempts at a break lower last week. This support slope remains key and we will continue to reserve this mark as our bullish invalidation level with a break below targeting 11,854//80 & the February lows. Look for interim resistance at the descending TL off the monthly high with only a breach through 12,127 (high-day close) opening up a rally into the upper median-line parallel off the October high. That said, the USD correction scenario remains a risk heading into Friday’s highly anticipated Non-Farm Payrolls (NFP)with consensus estimates calling for a print 246K jobs as unemployment holds steady at 5.5%.
Notes:An update to the Thursday’s report, the Aussie has now taken out all our noted support targets with the risk of a near-term recovery mounting on a breach back above 7660 (near-term resistance). Bottom-line the short-bias remains in play while within this median-line formation (dashed blue) with interim support seen at 7602/10 (highlighted support) where the broader ML off the FOMC high converges on the 88.6% retracement & the operative lower MLP heading into Asia trade.
* 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:
- AUDUSD Reversal Scalp- Shorts Favored Sub 7850
- EURJPY Long Scalps at Risk Below FOMC High- Interim Support 130.60
- Webinar: Scalps Favor Dollar Correction- EUR/USD Eyes FOMC Highs
- Bullish USD Outlook Mired Post FOMC- JPY, GBP & Gold in Focus
---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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