AUDUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
Rally off the 38.2% retracement yesterday and an RSI reversal ahead of 50 suggests momentum may be supportive of further advances
Note daily RSI remains poised for a breach above the 60-threshold= bullish
Testing Critical Resistance at 1.0495-1.05 region- Topside Breach eyes objectives at 1.06 and 1.0638
Key Support 1.04- Break targets 1.0350 and 1.0260
EURUSD Scalp Chart
Scalp Notes: Bottom Line: 1.05 is Paramount- Topside break on a close basis risks further advances into our resistance targets. The RSI signature since the Sunday open remains constructive with only a dip below the 40-threshold suggesting that the rally may have run its course.
*We will remain flexible with our bias with a break above 1.05 eyeing subsequent resistance targets. 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. Use this app to distinguish the various trade sessions.
Key Threshold Grid: EURUSD
Entry/Exit Targets
Timeframe
Level
Significance
Bearish Invalidation
Daily
1.0495-1.05
61.8% Ext/ 2 Week High
Break Target 1
30min
1.0538
50% Fib Ext
Break Target 2
30min
1.0560
Soft Resistance
Break Target 3
30min
1.0583
61.8% Fib Extension
Break Target 4
30min
1.0600
Big Figure
Break Target 5
Daily
1.0620
50% Retracement
Break Target 6
Daily
1.0645
50% Fib Ext
Support Target 1
30min
1.0465
78.6% Retracement
Support Target 2
30min
1.0440
61.8% Retracement
Support Target 3
30min
1.0420
50% Retracement
Bullish Invalidation
30min
1.0400
38.2% Retracement
Break Target 1
30min
1.0385
100% Fib Extension
Break Target 2
30min
1.0350
38.2% Retracement
Break Target 3
30min
1.0329
1.50% Fib Extension
Average True Range
Daily
65
Profit Targets 15-17pips
For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him on Twitter @MBForex
Reviews today’s Scalp Webinar for further insights and current trade setups
—Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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Source: Daily fx