Webinar: Scalping Aussie Crosses post NFP - RBA, BOE, BoJ on Tap
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Chart Created Using FXCM Marketscope 2.0
Notes: AUDNZD has broken below the 2014 slope line noted last week with the decline now testing a median-line extending off the July high. May get a rebound here but the focus remains weighted to the downside while below the 100DMA at 1.1066 with a break lower targeting a key support zone at 1.0711/40 where the 50% retracement, the 1.618% extension and the 200-day moving average converge. Note that although a support trigger in momentum has broken, the signature has remained above 40 for more than 6-months and we’ll be looking for a break to confirm the short-bias.
Notes: NFP’s charged a break & quick recovery of our bullish invalidation level at the 84-handle, keeping the focus weighted to the topside in the AUDJPY. Bottom line: looking higher while within this formation but ultimately we’d be looking to sell a rally up towards the upper median-line parallel / 86. Keep an eye on tonight’s RBA interest rate decision with the release likely to fuel added volatility in Aussie pairs.
Even though the RBA is widely expected to hold the benchmark interest rate at 2%, a material shift in the central bank rhetoric may produce increased volatility in Aussie pairs as Governor Glenn Stevens continues to favor a weaker exchange.
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Relevant Data Releases
Other Setups in Play:
- AUDJPY Rebound Off Slope Support Eyes 86.00 Resistance Ahead of NFP
- AUDNZD at Critical Inflection Point- Scalps Target Weekly Opening Range
- Scalping EURUSD Ahead of NFP- Long Bias Favored Above 1.12
- Webinar: USD Fails at Resistance- Scalping Sept. Range Ahead of NFP
- Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155
---Written by Michael Boutros, Currency Strategist with DailyFX
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