We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • I think we all do this on some level. Care to assist me in a similar campaign @tracyalloway? https://t.co/yS4jrJ2B8x
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT for insight on the cross market weekly outlook. Register here: https://t.co/E213bTtq5C https://t.co/D5T3ErQYi5
  • Japanese Economy Minister Nishimura says a state of emergency is no longer needed in nay region of the country - BBG #Coronavirus #JPY
  • $gld prices may face heightened liquidation pressure as US-China tensions over Hong Kong heat up ahead of US GDP data amid the coronavirus pandemic. Get your $XAUUSD market update from @ZabelinDimitri here: https://t.co/vmoJXC2KSm https://t.co/dNGB1d0T9C
  • Slightly risk-on start to the beginning of the week. #AUD up with APAC stocks and #SPX index futures, anti-risk #JPY and #USD broadly lower https://t.co/P07MrhWHPe
  • Market snapshot: US equity futures pointing higher while FX markets remain mixed
  • (Asia AM) The #SP500 shrugged off risk aversion to end last week higher, but upside momentum seems to be fading. US markets are offline today, raising the risk of volatility - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/05/24/SP-500-Struggling-at-Resistance-Volatility-Risk-Ahead-Elevated.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/RJXBa0tyS5
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • LIVE IN 30 MIN: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • The possibility of a Covid-19 cure by year end keeps market sentiment high despite ongoing political tensions. Get your $USDMXN market update from @HathornSabin here: https://t.co/6DIf6krA3E https://t.co/IxeRbjHpQm
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
Share:

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

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.

DISCLOSURES

News & Analysis at your fingertips.