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Dollar Longs Favored on Dip against Yen

By , Sr. Technical Strategist
15 March 2012 12:45 GMT

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Afternoon Technicals (all charts)

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Morning Notes:

EURUSD – The EURUSD has held 13000, but the downside remains favored on balance for the week towards 12975 and 12900. Exceeding trendline resistance (13130 today and 13095 tomorrow) would negate an immediate breakdown scenario and shift focus higher towards 13200 and maybe 13300 later in March.

Dollar_Longs_Favored_on_Dip_against_Yen_body_eurusd.png, Dollar Longs Favored on Dip against Yen

Prepared by Jamie Saettele, CMT

AUDUSD – The AUDUSD has entered and bounced from the sought support zone (10425/50). Remember, the 4th wave interpretation remains valid so an important low may be in place. I favor buying dips. Support is 10455/80.

Dollar_Longs_Favored_on_Dip_against_Yen_body_audusd.png, Dollar Longs Favored on Dip against Yen

Prepared by Jamie Saettele, CMT

NZDUSD – Similar to the AUDUSD, a 4th wave interpretation of the decline from 8470 is valid. Price has reached the confluence of channel support and the 38.2 % retracement of the rally from 7460 (wave 3) and rallied sharply overnight. I favor buying dips. Support is 8100/25.

Dollar_Longs_Favored_on_Dip_against_Yen_body_nzdusd.png, Dollar Longs Favored on Dip against Yen

Prepared by Jamie Saettele, CMT

USDJPY –The sell off from above 8400 presents the next bullish opportunity. Support is 8310. I favor longs into that level with a stop at 8195. The objective is 8550.

Dollar_Longs_Favored_on_Dip_against_Yen_body_usdjpy.png, Dollar Longs Favored on Dip against Yen

Prepared by Jamie Saettele, CMT

--- 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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15 March 2012 12:45 GMT