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Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

2016-02-01 17:19:00
Michael Boutros, Technical Strategist
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Talking Points

EURAUD 30min

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Chart Created Using FXCM Marketscope 2.0

Notes: EURAUD has continued to hold above the 1.5298-1.5325 barrier discussed last week. The pair broke above the upper median-line parallel last night & our near-term focus remains weighted to the topside while above this threshold with a breach higher targeting 1.5565 & 1.5662. A break below keeps the short-bias in play targeting the median-line / 200-day moving average at 1.5030/40.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

AUDUSD 30min

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Notes:The AUDUSD weekly opening range is taking shape just above key near-term support & bullish invalidation at 7029/37. Resistance objectives remain unchanged from last week at 7105, 7136 and the key 61.8% retracement at 7171. A break below this key support targets subsequent support objectives at 6983-7000 & 6947.

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Crude Oil Daily

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Notes: Crude revesed course at a key resistance confluence at 34.23/41 where the 100% extension & the key 61.8% retracement convege on the December lows. Near-term support & bullish invalidation rests at the confluence of the 50% retracement of the recent advance & basic trendline support extending off the lows at 30.96.

Gold Daily

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Notes: The rally in gold is vulnerable near-term as the precious metal attempts to break above the upper median line parallel extrending off the October high. Topside breach targets the 200-day moving average at 1131 & the 61.8% retracement of the October decline at 1136. Interim support rests at 1108 backed by our bullish invalidation level at 1096. Highlighted these levels in the weekly Gold Forecast.

Relevant Data Releases

Webinar: Aussie Crosses at Key Inflection Points Ahead of RBA

Other Setups in Play:

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

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