Setups in USDCAD, GBPJPY & AUDUSD
DailyFX.com -
USDCAD- Loonie saw a brief stint below key near-term support at 1.2968/81 on the back of today’s Canadian retails sales & inflation data. Longs were initiated on the dip as the pair tested channel support with half the position closed at +50 and stops now at breakeven. Broader short-bias remains at risk near-term while above this level.
GBPJPY- The rebound off key support noted yesterday has continued to move through our topside objectives with the pair breaching above the upper median-line parallel for the operative structure extending off last week’s highs & and the near-term focus remains weighted to the topside while above 160.50.
AUDUSD- Aussie took out all our topside targets into a key Fibonacci confluence at 7643/51 where the 61.8% retracement of the decline off the May high converges on the 1.618% extension of the advance off the 2016 low. Although I’m expecting some pullback here, the broader focus remains weighted to the topside while above the weekly open at 7540.
Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere 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.
Learn forex trading with a free practice account and trading charts from FXCM.
