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Setups in USDCAD, GBPJPY & AUDUSD

March 19
03:07 2016

USDCAD- Loonie saw a brief stint below key near-term support at 1.2968/81 on the back of today’s Canadian retails sales & inflation data. Longs were initiated on the dip as the pair tested channel support with half the position closed at +50 and stops now at breakeven. Broader short-bias remains at risk near-term while above this level.

Review USDCAD Scalp Targets

GBPJPYThe rebound off key support noted yesterday has continued to move through our topside objectives with the pair breaching above the upper median-line parallel for the operative structure extending off last week’s highs & and the near-term focus remains weighted to the topside while above 160.50.

Review GBPJPY Scalp Targets

AUDUSD– Aussie took out all our topside targets into a key Fibonacci confluence at 7643/51 where the 61.8% retracement of the decline off the May high converges on the 1.618% extension of the advance off the 2016 low. Although I’m expecting some pullback here, the broader focus remains weighted to the topside while above the weekly open at 7540.

Review AUDUSD Scalp Targets

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—Written by Michael Boutros, Currency Strategist with DailyFX

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