AUDUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
Initial objective cited in last week’s report failed at Resistance Target 3 just ahead of 1.06 objective (note simultaneous break below 1.0490/95 Fib confluence and RSI support trigger)
RSI still holding 40-threshold- Break offers conviction on shorts
Key sup 1.0295 (61.8% Fib) – Break eyes objective at 1.0215 Fib Confluence
Topside resistance 1.0396-1.0403- Breach targets 1.0470-1.0495
Note: Divergence between AUDUSD and NZDUSD may suggest near-term reversal
AUDUSD Scalp Chart
Scalp Notes: Bottom Line: Looking to see how we close out the session- 1.0285-1.0295 level is key. Note that we already rebounded off this level on Monday with the second approach here likely to charge a pivot in price. If we get the break- looking lower into 1.0215 where the next buying opportunity may come into play. The RSI signature since the Sunday open remains bearish with a resistance trigger break to offer a relief rally. Only a move passed the 60-threshold (with a break above weekly trendline resistance) suggests that the recent sell-off may have run its course.
*We will remain flexible with our bias with a break back above 1.04 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
Entry/Exit Targets
Timeframe
Level
Significance
Resistance Target 1
30min
1.0327
23.6% Fib Extension
Resistance Target 2
30min
1.0348
50% Retracement
Bearish Invalidation
Daily
1.0396-1.0403
38.2% Retrace/200DMA
Break Target 1
30min
1.0420
Soft Res / Pivot
Break Target 2
30min
1.0445
Soft Res / Pivot
Break Target 3
30min
1.0470
23.6% Retracement
Break Target 4
30min
1.0490
Long-Term 61.8% Ext
Bullish Invalidation
30min / Daily
1.0285-1.0295
38.2% Ext/61.8% Retrce
Break Target 1
30min
1.0250
50% Fib Extension
Break Target 2
Daily
1.0215
61.8% Ext/78.6% Retrce
Break Target 3
30min
1.0167
78.6% Fib Extension
Break Target 4
30min
1.0140
88.6% Fib Ext
Break Target 3
30min
1.0104-1.0114
100% Ext / March Low
Average True Range
Daily
88
Profit Targets 20-22pips
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—Written by Michael Boutros, Currency Strategist with DailyFX
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Source: Daily fx