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GBPAUD Putting in a High or Time to Buy?

GBPAUD Putting in a High or Time to Buy?

Michael Boutros, Strategist

Talking Points

GBPAUD Daily

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPAUD posts daily reversal candle after failing to break new high
  • Interim resistance 1.1375 backed by confluence zone into 2.1527- bearish invalidation
  • Interim support 2.1076 backed by 2.0872 (monthly ORL)
  • Break targets subsequent support targets 2.0650, 2.0553
  • Daily RSI Divergence into the highs / support-trigger break / hold sub-60 - bearish
  • Event Risk This Week: Limited

GBPAUD 30min

Notes: Another failed attempt to breach above a long-dated sliding parallel off the February highs leaves the near-term focus weighted to the short-side for the GBPAUD. A slope identified off the July high has continued to define price action with precision and the risk remains weighted to the downside while below the yearly high-day close at 2.1376. We’ll be looking to sell rallies / support triggers while within this formation with a breach above 2.1500 needed to put the long bias into play (bearish invalidation)

Interim support is eyed into 2.1122 with a break lower targeting 1.1012 and the weekly opening range lows into 2.0872. Note that a quarter of the daily ATR is a bit wider here with profit targets of 60-64pips per scalp. Event risk is limited out of the UK & Australia into the close of the week so we’ll keep a close eye on key developments coming out of the Asia/Pacific region as it continues to drive global market sentiment.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

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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