AUDUSD / AUDCAD Scalps In Play- Bearish Bias Waning in the Near-term with Fed minutes on tap.
I have been aggressively scalping the AUDUSD and AUDCAD setup highlighted in yesterday's Scalp Report. Key inflection points at 1.0445 and 1.0455 respectively have prompted a response in these pairs with our bearish bias holding in early US trade.
AUDUSD- We are now trading just above Support Target 2 at 1.0365 with the low of the day currently at 1.0376. We have added a soft target at 1.0380 as price has continued to pivot at this mark. Things are likely to quiet down as we head into the FOMC minutes with a topside breach above 1.04 eying fresh short opportunities higher.
AUDCAD - The rejection at 1.0455 proved advantageous for our setup with the pair moving into support target 3 at 1.04 before stalling just ahead at 1.0407. I'm still holding a small residual position from 1.0457 targeting 1.0385.
---Written by Michael Boutros, Currency Strategist with DailyFX.com
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