- AUDUSD coming into key inflection point
- Weekly opening range in focus- break to offer conviction scalp bias
- First two resistance objectives have been achieved – Updated targets
AUDUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
AUDUSD Scalp Chart
Notes: AUDUSD is coming into a major inflection point at the confluence of the 61.8% extension of the advance off the January low, the 200-DMA and trendline resistance dating back to April 2013. The weekly opening range is forming just below and we’ll look for a definitive break of this range to validate our neat-term scalp bias. We remain constructive above the Sunday low with only a move below last week’s low invalidating the broader topside bias noted on our last AUDUSD setup published on March 12th. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.
* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.
Other Setups in Play:
- Key Reversals on USDOLLAR, Gold Post FOMC- March Range at Risk
- Trading the USDCAD Triangle- Weekly Opening Range in Focus
- NZDUSD Rallies Into Key Resistance on RBNZ- Bearish Below 8580
- Scalping the EURUSD: Breakout or Fakeout?
- GBPUSD at Risk Heading into BoE, NFPs- Key Resistance 1.6754
---Written by Michael Boutros, Currency Strategist with DailyFX
For updates on this scalp and more setups follow him on Twitter @MBForex
Join Michael for Live Scalping Webinars on Tuesday - Thursday mornings this week on DailyFX Plus (Exclusive of Live Clients) at 15:30 GMT (11:30ET)
Interested in learning about Fibonacci? Watch this Video