Webinar: EUR, AUD Pose Brisk Start to the Week- Crosses in Focus
- Weekly webinar covering featured scalp setups
- Updated targets & invalidation levels
- Event Risk on Tap This Week
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.
For updates on these setup and more throughout the week, subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.
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