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AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

2015-09-01 19:32:00
Michael Boutros, Strategist
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Talking Points

AUDNZD Daily

AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDNZD reverses off 2015 slope resistance for a 5th consecutive time- bearish
  • Reversal eyes near-term support at 1.1067 (August Open)
  • Break targets August lows / 1.0911/35- Key support
  • Resistance & broader bearish invalidation at highlighted region into 1.1213
  • Subsequent resistance at 1.1278 & 1.1349 (high-day close)
  • Pending resistance-trigger in play- look for a break sub 40 to mark a larger decline
  • Event Risk Ahead: Australian GDP tonight & Retail Sales tomorrow

AUDNZD 30min

AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

Notes: The reversal off trendline resistance extending off the 2015 high has come into initial support at the lower median-line parallel dating back to the 8/26 low with near-term resistance eyed at 1.1103/07. A break of the RSI resistance trigger shifts the immediate bias to the topside targeting 1.1140.l We’ll reserve this level as our bearish invalidation level with a break through risking a rally back towards the monthly open at 1.1212.

Bottom line: although the immediate risk is for a move higher, we’ll be looking to sell rallies while sub 1.1140 with a break of support targeting subsequent objectives at 1.1067, 1.1013 & 1.0955. A quarter of the daily average true range (ATR) yields profit targets of 31-33 pips per scalp. Caution is warranted heading into Australian event risk later this week with GDP numbers retail sales data likely to fuel added volatility in Aussie crosses.

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

Relevant Data Releases

AUDNZD: Rinse & Repeat- Reversal Scalp Back in Play Ahead of GDP

Other Setups in Play:

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

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

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