Near-term Setups in NZDUSD, USDCAD USDJPY & AUDJPY
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NZDUSD 120min
NZDUSD: Kiwi took out 2/3 targets on the back of the RBNZ. We’re marking some divergence here into the 38.2% retracement at 7179 and the immediate short-bias is vulnerable while above this level. The focus remains lower while below 7225 which converges on the median line into the close of the week. A break lower from here targets subsequent support objectives at the lower parallel (7150s) & the 50% retracement at 7119. Latest NZDUSD Update (2/8)
USDCAD: Heading into tomorrow’s Canada employment report, I’m generally looking to fade weakness while above 1.3030 with key resistance seen into 1.3227/50. Highlighted this setup in today’s Scalp Report.
USDJPY: A near-term reversal is underway after breaking above the weekly opening range highs with the advance coming up on interim resistance at 113.49. Remember this is USDJPY – while the turn was well-documented I won’t be completely convinced until we get north of 113.94. Levels remain unchanged from the Special Report published earlier this week.
AUDJPY: The rebound off support highlighted on Monday is testing our bearish invalidation level at the upper median-line parallel / weekly opening range highs, just ahead of 86.52. IF the pair is heading lower- any advances should be capped by this threshold- looking lower against this region. Levels unchanged- Latest AUDJPY Update (2/6)
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---Written by Michael Boutros, Currency Strategist with DailyFX
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