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AUDNZD Free Falls into the August Open- Bearish Sub 1.1175

AUDNZD Free Falls into the August Open- Bearish Sub 1.1175

Michael Boutros, Strategist

Talking Points

  • AUDNZDtesting key near-term support- Short scalps favored sub-1.1175
  • Updated targets & invalidation levels
  • Event Risk on Tap This Week

AUDNZD Daily

AUDNZD Free Falls into the August Open- Bearish Sub 1.1175

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDNZD reversal off resistance now testing monthly open support 1.1067
  • Bias remains weighted to the downside while below slope resistance ~1.1175
  • Break lower targets support objectives at the monthly low 1.1009 & 1.0910/35
  • Daily RSI breaking sub-50 for the first time this moth- bearish
  • Daily momentum in consolidation- look for break for guidance
  • Limited event risk into end of week

AUDNZD 30min

AUDNZD Free Falls into the August Open- Bearish Sub 1.1175

Notes:The AUDNZD reversal off resistance early this week has now come into key near-term support at 1.055/67. This region is defined by the 61.8% retracement of the advance off the July low & the August open. The immediate short-bias is at risk while above this region with near-term resistance eyed at 1.1105/08 & 1.1145 with our bearish invalidation level now lowered to 1.1175.

Bottom line: we could see some upside from here but we’ll be looking for short triggers into resistance with a break of the lows targeting the monthly opening range low at 1.1009 backed by 1.0955. A quarter of the daily average true range (ATR) yields profit targets of 25-27pips per scalp. Event risk on the pair is limited heading into the weekend with New Zealand Trade Balance figures on tap next week.

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

Relevant Data Releases

AUDNZD Free Falls into the August Open- Bearish Sub 1.1175

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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