News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • 🇺🇸 Jobless Claims 4-week Average (FEB/27) Actual: 790.75K Previous: 807.5K https://www.dailyfx.com/economic-calendar#2021-03-04
  • 🇺🇸 Initial Jobless Claims (27/FEB) Actual: 745K Expected: 750K Previous: 736K https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.89%, while traders in Germany 30 are at opposite extremes with 66.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OyiaWxTOe9
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/BBKTkI9fWl
  • German Finance Min. Scholz: Germany will need to take on extra debt in 2021. $EUR
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇨🇦CAD: 0.10% 🇳🇿NZD: 0.04% 🇪🇺EUR: -0.24% 🇯🇵JPY: -0.34% 🇨🇭CHF: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6Fc3eqZNSZ
  • Heads Up:🇺🇸 Initial Jobless Claims (27/FEB) due at 13:30 GMT (15min) Expected: 750K Previous: 730K https://www.dailyfx.com/economic-calendar#2021-03-04
  • Heads Up:🇺🇸 Jobless Claims 4-week Average (FEB/27) due at 13:30 GMT (15min) Previous: 807.75K https://www.dailyfx.com/economic-calendar#2021-03-04
  • Heads Up:🇺🇸 Continuing Jobless Claims (20/FEB) due at 13:30 GMT (15min) Expected: 4300K Previous: 4419K https://www.dailyfx.com/economic-calendar#2021-03-04
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/H4Rl1uWo6n
AUD/CAD Into Key Support- Monthly Opening Range In Focus

AUD/CAD Into Key Support- Monthly Opening Range In Focus

Michael Boutros, Strategist

Talking Points

  • AUDCAD monthly opening range takes shape above key support
  • Focus range to start the week 9480-9614
  • Updated targets & invalidation levels

AUDCAD Daily

AUD/CAD Into Key Support- Monthly Opening Range In Focus

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDCAD is testing a technical support confluence around 9480 where the 100% extension of the decline off the 2015 high converges on the median-line extending off that same high and basic channel support. Note that the monthly opening range is also taking shape just above this region and further highlights the 9480-9614 focus range (last week’s low extends into 9452) - look for a break to validate our near-term outlook with the short-bias vulnerable while above the median-line. The pair has also marked some slight divergence into these lows with a pending resistance trigger in play.

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

AUDCAD 30min

AUD/CAD Into Key Support- Monthly Opening Range In Focus

Notes: The pair has been in consolidation since the May 3rd low and until it breaks, we’ll need to treat is as such. A rally surpassing the 2015 low-day close at 9614 would be needed to alleviate near-term pressure with such a scenario targeting 9677 & the upper median-line parallel (blue) / 9692.

A break sub 9452 keeps the immediate short-bias in play targeting 9426 and more significant long-term Fibonacci support at 9377/90 (check daily chart). The economic docket is rather light this week so we’ll be looking for broader market sentiniment and the commodity block for cues here. A quarter of the daily average true range yields profit targets of 24-27pips per scalp. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into the tomorrow’s key event risk.

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

Relevant Data Releases

AUD/CAD Into Key Support- Monthly Opening Range In Focus

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES