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Near-term Setups in GBPUSD, EURUSD & AUDCAD

DailyFX.com -

GBPUSD - Heading into the Bank of England interest rate decision tomorrow, the focus remains on the weekly opening range in sterling. While the immediate risk remains for a near-term rebound, I would be looking to sell strength sub- 1.4580/88 - a level defined by the monthly open & the February high-day close. Outlook / Levels remain unchanged.

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EURUSD- The euro has responded to key near-term support noted last week with the subsequent rebound now testing initial resistance at the May high-day close / 1.1443 . We could get some more upside from here but we're on the lookout for short-triggers. Levels / Outlook unchanged with our broader focus weighted to the downside while below the 2016 high-day reversal close at 1.1495 .

Review Latest EURUSD Scalp Targets

AUDCAD- The pair continues to carve out a well-defined weekly opening range as we continue to consolidate above near-term support. Price action in USDCAD & AUDUSD respectively offer little in the way of guidance at this point but the game plan remains unchanged- We're looking for either a breach of the opening range to offer a relief rally & short-entries higher up towards the upper median-line parallels or a break sub- 9450 to target more significant technical support into 9377/87 .

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---Written by Michael Boutros, Currency Strategist with DailyFX

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https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2016/05/05/Forex-EURUSD-Approaching-Initial-Support--Levels-to-Watch-for-NFPs.html?ref-author=Boutroshttps://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2016/05/09/Forex-AUDCAD-Monthly-Opening-Range-Setup--Key-Support-into-9480.html?ref-author=Boutros

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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