I have been aggressively scalping the AUDUSD setup highlighted in yesterday's scalp report. While we maintain our broader bearish outlook, today's rebound in risk ahead of the US open warrants action against 1.0360 with intra-day long scalps in play throughout the US trade session. Look for the advance to offer favorable short entries early next week as we move deeper into November trade. Our broader outlook still remains weighted to the downside against the monthly high at 1.0480 with only a break above this level invalidating our directional bias. For a complete technical outlook including charts and intra-day scalp targets, refer to the AUDUSD Scalp Report.
Interesting setups have also emerged in the EURUSD, EURAUD, EURJPY and CADJPY as the market trades into some key support levels heading into the close of the week. To follow the progress of these setups and more, refer to my StockTwits chart stream.
---Written by Michael Boutros, Currency Strategist with DailyFX.com
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