Scalp Webinar: USD At Risk For Bearish Invalidation- 11,737 In Focus
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Chart Created Using FXCM Marketscope 2.0
Notes:The Dow Jones FXCM U.S. Dollar Index (Ticker:USDOLLAR) dipped into the 11664 support target noted last week before rebounding off the median-line support on Thursday. The recovery higher is in focus with interim resistance eyed at 11737 (highlighted region). Note that a basic trendline extending off the 2015 high also converges on this region and if broken would suggest a sharper correction higher into the upper median-line at 11854 (broader bearish invalidation). A break of the lows opens up subsequent support targets back at the ML / 11584 and 11475. Note that a near-term topside trigger has given out in momentum with another pending resistance trigger in play off the March highs. A breach (close basis) would keep the recent rally in focus.
Notes:An update to the last week’s EURJPY setup- The pair has continued to mark bearish divergence into the highs with the upper median-line parallel continuing to cap the advance for the third consecutive week. The opening weekly opening range is taking shape just below and we’ll look for a break to validate our near-term directional bias with a break back below the 135-handle (highlighted region) shifting the focus back to the ML off the lows / last week’s low at 133.47. A breach of the highs targets 137.50 backed by the 50% retracement at 137.90.
* 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.
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Relevant Data Releases
Other Setups in Play:
- NZDJPY Rebound Testing Resistance- Scalps Target 89.50 Inflection Zone
- EURJPY at Risk Sub 135- Short Scalps Favored
- Scalp Webinar: EURUSD Eyes Support- May Opening Range Setups in Focus
- Scalp Webinar: USD Rebound at Risk- AUD Bulls to Face RBA
- USDCAD Breakdown Stalls at Key Support- May Opening Range in Focus
---Written by Michael Boutros, Currency Strategist with DailyFX
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