Webinar: EUR, AUD Pose Brisk Start to the Week- Crosses in Focus
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Chart Created Using FXCM Marketscope 2.0
Notes: AUDNZD responded to key support noted last week at 1.0550/60 and the monthly opening range is now set just above this threshold. Resistance & near-term bearish invalidation stands at 1.0720.
Notes:EURUSD also came off key support last week at the confluence of the former upper median-line parallel, the 100% extension of the mid-December decline and the 61.8% retracement of the December rally at 1.0723/33(bullish invalidation). Resistance stands at the confluence of the 61.8 retracement of the decline off last month’s high & the December high-day close at 1.0924/25.A breach above this mark targets the 100 & 200-day moving averages at 1.1033/42.
Notes:The Dow Jones FXCM U.S. Dollar Index has been attempting to breach key resistance at 12192-12204 for more than 2 months now, failing to close above on 17 separate occasions. The long bias remains vulnerable immediately below this threshold. Support rests along the lower median-line parallel / 12123/31 (near-term bullish invalidation). A close above 12204 targets confluence at the 100% extension of the December advance at 12250.
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Relevant Data Releases
Other Setups in Play:
- NZD/JPY Testing Support- Outlook Remains Bearish Sub-81.40
- AUD/JPY at Support, For Now
- EUR/AUD Coils Below 1.53 Resistance- Break Imminent?
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.