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AUD/USD is Constructive - Threatens Resistance Break

AUD/USD is Constructive - Threatens Resistance Break

2016-07-06 17:13:00
Michael Boutros, Strategist
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  • AUD/USDconstructive above weekly open
  • Updated targets & invalidation levels

AUDUSD Daily

AUD/USD is Constructive - Threatens Resistance Break

Chart prepared by Michael Boutros

Broader Technical Outlook: Aussie rebounded off confluence median-line support yesterday on a failure to break below the monthly opening range low. The trade remains constructive while above the monthly / weekly open at 7448/50 near-term resistance eyed at the confluence of the 61.8% retracement of the April decline and the upper median-line parallel extending off the yearly high at 7571. Subsequent topside targets eyed at 7644 & the 78.6% retracement at 7687.

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AUDUSD Hourly

AUD/USD is Constructive - Threatens Resistance Break

Notes: We alerted SB Trade Desk clients last night as Aussie was approaching confluence support at 7424 where basic slope support converges on the 50% retracement of the post-Brexit advance. The subsequent rally has taken out initial topside targets with the advance now once again approaching the 61.8% retracement of Brexit decline at 7516.

Momentum maybe a little stretched here with a pullback likely to offer more favorable long-entries while above the weekly open targeting 7571, the April low-day close at 7590 and the upper median-line parallel / 7644. A quarter of the daily average true range (ATR) yields profit targets of 26-30 pips per scalp. Added caution is warranted heading into the end of the week with U.S. Non-Farm Payrolls likely to fuel increased volatility in USD crosses. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

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Relevant Data Releases

AUD/USD is Constructive - Threatens Resistance Break

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 3Q Projections

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

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