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Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key

Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key

Michael Boutros, Strategist

Talking Points

  • Weekly DailyFX Scalp Webinar Archive covering featured setups
  • Updated targets & invalidation levels on USD & EUR Crosses
  • Event Riskon TapThis Week

USDOLLAR Daily

Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDOLLAR sets initial June opening range at 11880-12037
  • Bias remains bearish while within this formation (~1200)
  • Break below 11880 targets support objectives at the ML / 11839/43, backed by 11790
  • Daily RSI reversal at 60- (bearish) – now testing support at 50- break would be bearish
  • Key Event Risk Ahead: US Advanced Retail Sales on Thursday & University of Michigan Confidence on Friday.

AUDUSD Daily

Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key

Notes: Aussie starts the week just above key support at 7590-7604 with momentum continuing to hover just above 40. Look for resistance at the ML extending off the April / May highs (~7700) with a breach above keeping the near-term focus higher towards 7737 & the 78-handle. A break sub-7590 puts the short-side back into play targeting objectives at the yearly low, the 61.8% extension off the highs at 7469 and the median-line confluence down into 7360. Keep in mind we have employment data out of Australia on Thursday.

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Relevant Data Releases

Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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

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