Scalp Webinar: NFP Fails to Spur USD Breakout- June Range Remains Key
- Weekly DailyFX Scalp Webinar Archive covering featured setups
- Updated targets & invalidation levels on USD & EUR Crosses
- Event Riskon TapThis Week
Chart Created Using FXCM Marketscope 2.0
- 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.
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.
For setups throughout the week subscribe to SB Trade Desk
Relevant Data Releases
Other Setups in Play:
- EURUSD Scalp Levels Heading Into ECB, NFP- Longs Favored Above 1.1065
- Scalp Webinar: Key Levels on USD Crosses in Focus Ahead of NFP
- USDJPY Breakout Testing Initial Resistance Ahead of U.S. GDP
- AUDUSD Testing Key Support- Short Scalps Vulnerable Above 7680
- USDCAD Scalps Face 1.25 Key Resistance Ahead of BoC, GDP
---Written by Michael Boutros, Currency Strategist with DailyFX
Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 GMT (8:30ET)
Interested in learning about Fibonacci? Watch this Video
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.