Talking Points
USDOLLAR, USDCAD, USDJPY in Focus Ahead of NFPs
Updated targets & invalidation levels
Key Event Risk on Tap
USDOLLAR Daily
Chart Created Using FXCM Marketscope 2.0
Notes: We’re looking for confirmation of this push through the initial 2015 opening range high. Near-term resistance eyed into 11,935 backed by the July median-line & 12,049. Near-term support (bullish invalidation) rests with the highlighted zone between the lower parallels. A break below would risk a more drastic correction in the greenback.
USD/CAD Daily
Notes: The pair responded to confluence trendline support in the aftermath of the BoC. We’re looking for a resolution to this consolidation with a breach targeting 1.2646 (bearish invalidation) & 1.2797. Interim support at the 1.24-handle with key support eyed at 1.2249/83 (bullish invalidation). Note that daily momentum has not broken sub-50 since March of 2014- in that instance the move triggered a four-month decline into the yearly lows. A breach above the former support trigger would offer further conviction on reasserting the long-bias. Review latest USDCAD scalp setup
USD/JPY Daily
Notes: USDJPY is attempting to break this multi-month consolidation formation with today’s close failing to clear the February highs. A breach above the 2014 high-day close at 120.67 is needed to confirm this break with such a scenario targeting 121.43 & the 2014 stretch high at 121.84. Interim support rests with the monthly opening range low at 119.38 with a break below targeting the lower median-line parallel (blue) and we’ll reserve this feature as our bullish invalidation level. Review latest USDJPY scalp setup
Relevant Data Releases
Other Setups in Play:
GBPAUD Reversal at Interim Support- Scalps Target 1.9500
Scalps Target USDCAD Breakout Heading Into BoC, NFPs
Webinar: Key Scalps in Focus Ahead of RBA, ECB, NFPs
USD/JPY Scalp Targets 119.64 Resistance Ahead of GDP
Scalping AUD/USD Opening Range Break- 7850 Support
EURUSD Technicals Back in Focus- February Opening Range Setup
—Written by Michael Boutros, Currency Strategist with DailyFX
For updates on this scalp and more setups follow him on Twitter @MBForex
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Source: Daily fx
