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Setups in AUDJPY, AUDCHF, GBPUSD Ahead of FOMC

March 15
02:06 2016

AUDJPY– We’ve reacted to near-term confluence resistance & while the immediate bias is lower, we’ll be looking for this pullback to offer more favorable long entries. Review AUDJPY Update

AUDCHF– Our outlook turned bearish last week after the pair marked an outside-day reversal candle off our final resistance target at 7546/54. Bias remains weighted to the short-side near-term while below this mark. Again here we would ultimately be looking for the pullback to offer better long entries lower down. Review AUDCHF Update

GBPUSD– Sterling came into resistance on Friday at the 2/19 uncovered close before pulling back. Note that this level converges on the median-line extending January low and may offer more significant support near-term. Interim support at 1.4250 with our bullish invalidation level set to the January low-day close at 1.4218. (interested in long-triggers against this level) Review GBPUSD Update

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—Written by Michael Boutros, Currency Strategist with DailyFX

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