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Near-term Setups in DAX, AUDNZD, USDCAD & EURJPY
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DAX Daily
The DAX is testing key resistance today at 10688-10730 - a region defined by the 2016 open and the yearly high-day close. Note that basic trendline resistance extending off the August high also converges on this range over the next few days. I highlighted this setup last week and our outlook / levels remain unchanged. Key support now rests at with the lower median-line parallel / weekly low at 10488. A breach of the highs targets 10953/83.
AUDNZD- The pair turned just ahead of a key long-term inflection slope late-last week and the pullback we warned about earlier in the week has materialized. Levels / Outlook remain unchanged and the immediate focus is still lower while below the 2016 open at 1.0663 with more significant support eyed at 1.0552.
USDCAD- The post-BoC rally is approaching key near-term resistance & bearish invalidation at 1.3254 where the upper parallel converges on the July highs. If USDCAD is going to move lower, this is where we should look for some resistance. Levels highlighted here earlier this week.
EURJPY- The ECB charged a rally that reversed right off our key resistance / bearish invalidation level at the weekly open 114.46. Levels / Outlook unchanged from yesterday.
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---Written by Michael Boutros, Currency Strategist with DailyFX
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