Webinar: Global Equity Rout Fuels Massive Spike in FX Volatility
- Weekly DailyFX Scalp Webinar archive covering critical setups
- Updated targets & invalidation levels
- Event Risk on Tap This Week
Notes:The pair has taken out both primary support objectives noted in last week’s report, with today’s massive risk sell-off charging an advance into the yearly highs before paring gains back below the monthly open at 1.1067. We’ll be watching today’s close with a break below key support into 1.0910 needed to open up the next leg lower for the pair. Subsequent support objectives eyed at 1.0851 backed by 1.0711. Key event risk on the pair comes up tomorrow with the release of the July New Zealand Trade Balance figures.
Notes: The euro rallied through the 1.1367 resistance barrier with the adavance reversing off confluence resistance at the 2.618% extension off the advance off the July low & former median-line parallel support at 1.1688. Althought the immediate topside bias is at risk below this level, trade remains constructive while above the median-line off the July low. Interim support is seen at 1.1533 with our bullish invalidation now raised to the 1.1367. We’ll be looking to inevitably buy this pullback with a breach of the highs targeting more cirital resistance at 1.1810/822 backed by the 2010 low at 11.1883.
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Relevant Data Releases
Other Setups in Play:
- AUDNZD Free Falls into the August Open- Bearish Sub 1.1175
- EURUSD Surges to Fresh Weekly High on FOMC Leak- Long Scalps Favored
- Scalping NZDUSD Opening Range- 6630 Resistance Remains Key Hurdle
- Webinar: USD Scalps Hinge on CPI- Setups in Play this Week
- GBPNZD Marks Another Failed Attempt- Short Scalps Favored Sub 2.3942
---Written by Michael Boutros, Currency Strategist with DailyFX
Join Michael for Live Scalping Webinars on Mondays on DailyFX at 12:30 GMT (8:30ET)
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