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AUDNZD at Critical Inflection Point- Scalps Eye Weekly Opening Range

AUDNZD at Critical Inflection Point- Scalps Eye Weekly Opening Range

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • AUDNZD testing multi-year slope support- Major inflection point
  • Weekly opening range break to offer guidance 1.0963-1.1061
  • Break faces key support 1.0910/35 – Subsequent support objective 1.0711/33
  • Breach targets 1.1153 & the monthly open at 1.1213 (broader bearish invalidation)
  • Daily RSI support-triggers in view- break would be bearish
  • Key Event Risk Ahead: U.S. ISM Manufacturing tomorrow and Australia Retail Sales & NFP on Friday

AUDNZD 30min

Notes: The AUDNZD is approaching critical slope support dating back to the 2014 January low with the weekly opening range taking shape just above this key inflection point. The immediate risk is for a rebound off this level as we’ve seen on the last four attempts but we’ll be looking for a break of the weekly OR to validate the near-term directional bias. A downside break still faces key daily support into 1.0890-1.0910/35. Note that intraday RSI has also continued to hold between 40-60 and we’ll look for that to change on a break of this week’s range.

Bottom line: we’re coming into some serious support with a break below 1.09 risking more significant losses for pair. A breach of the weekly highs targets resistance objectives at 1.1108 & 1.1153. A quarter of the daily average true range (ATR) yields profit targets of 28-30 pips per scalp. Caution is warranted heading into the end of the week with the monthly close/open & NFPs still on tap.

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Relevant Data Releases

Other Setups in Play:

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.