Down Under Friday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

Not too much I like out there this morning. The exception being two Ozzi pairs which are showing bollinger compression on the 25-hour right now. The AUD/USD looks like a decent long on a breach of 0.8815 (the NLBL will be expired by the time you read this).

Similar idea on the AUD/CAD – if you like them both then split your R into half – I recommend 1/2 R each.

The general idea on both of these is that we may see a large move once that BB compression on the 25-hour resolves itself. I have no bias on the direction but the long side is what’s offering entries right now. As the session unfolds you can also look out for hourly Ivan patterns (e.g. IPs, RTVs, etc.).

Have fun but keep it frosty. And whatever you do – absolutely do not read this article!

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Cheers,