Euro / Japanese Yen
300 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote last week that “the decline has been steady and one can make the case that this latest drop composes a 5th wave. I do not advocate going long as the larger trend is down (as per the 3 wave rally from 10075) but strength into 10430/70 would present an opportunity to sell a rally against 10648.” Price has rallied into 10470 (former support turned resistance) which presents a short opportunity.
British Pound / Japanese Yen
300 Minute Bars
Prepared by Jamie Saettele, CMT
“The 3 wave rally from near 11700 (corrective) leaves the GBPJPY vulnerable to a fresh low (under 11682). 12175 is now resistance and the downside is favored as long as price is below 12390 (wave 1 low).” I wrote last week that “I do not advocate going long as the larger trend is down (as per the 3 wave rally) but strength into 12175 or even 12300 would present an opportunity to sell a rally against 12390.” Price spiked into 12230 today which presents an opportunity to try the short side. Support is 12100 and 12050 and the next resistance is 12315.
Australian Dollar / Japanese Yen
300 Minute Bars
Prepared by Jamie Saettele, CMT
Like the other Yen pairs, the rally from 7205 is in 3 waves. However, the extent of the rally from under 7500 is disconcerting. Regardless of the larger trend, price has reached a level (pivots throughout November) that one would expect to provide resistance. Support is 7860 and 7750. Hopefully early December action will provide clarity.
Canadian Dollar / Japanese Yen
300 Minute Bars
Prepared by Jamie Saettele, CMT
The CADJPY is in the same situation as the AUDJPY, having rocketed off of last week’s lows into resistance. A setback is expected from the current level (which was support in early November and resistance in mid November). 7515 is now probable support.
Euro / British Pound
Weekly Bars
Prepared by Jamie Saettele, CMT
The break of a year and a half trendline in the EURGBP shifts focus to a developing channel and former long term resistance trendline. These lines intersect in early 2012 near the 2011 low of 8285. The bounce last week has nearly been entirely retraced as the confluence of the 13 and 52 week averages and October breakdown level held strong. Use last week’s high (8665) as risk on shorts. Focus remains on the 2011 low below 8300.
Euro / Canadian Dollar
WeeklyBars
Prepared by Jamie Saettele, CMT
“Since the January-June rally from 12771 to 14381, the EURCAD range has tightened.” Price is nearing a support line that extends off of the January and September lows. That line is at 13575 this week and increases about 14 pips a week. Use that line as the pivot – a drop below would warrant a bearish stance but holding above keeps the tightening range intact.
Euro / Australian Dollar
Weekly Bars
Prepared by Jamie Saettele, CMT
A triangle has been unfolding since January but be careful about jumping the gun on a breakout as a triangle within the triangle may be forming from the July low. It is not uncommon for one of the triangle legs (of which there are 5) to take the form of a triangle itself. A turn higher from the current level would encounter resistance at 13240-13360.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
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