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Commodity Currencies Break-Targets Below

By , Sr. Technical Strategist
22 March 2012 13:31 GMT

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Morning Notes:

SPECIAL YEN CROSSES REPORT FROM 03/21

USDOLLAR – The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is once again threatening the resistance line that extends off of the October and December highs. A break above would signal completion of the consolidation since August (nearly 8 months) and a significant breakout.

Commodity_Currencies_Break-Targets_Below__body_usdollar.png, Commodity Currencies Break-Targets Below

Prepared by Jamie Saettele, CMT

AUDUSD – Has broken to monthly lows and focus is on channel support near 10325 today (at about 10305 tomorrow). 10203, the 100% extension of the 10856-10422 decline, is a more aggressive target. Resistance today is 10385-10415.

Commodity_Currencies_Break-Targets_Below__body_audusd.png, Commodity Currencies Break-Targets Below

Prepared by Jamie Saettele, CMT

NZDUSD – Is on the verge of breaking to monthly lows which would shift focus to channel support at 7980 today and the 100% extension of the 8471-8061 decline at 7878 (which intersects with channel support late next week).

Commodity_Currencies_Break-Targets_Below__body_nzdusd.png, Commodity Currencies Break-Targets Below

Prepared by Jamie Saettele, CMT

USDJPY –The drop below 8300 suggests that a 5 wave decline is complete from 8001 (2/28 low). Expect a corrective decline to unfold over the next few weeks towards 8160-8200 (50%-61.8% retracement).

Commodity_Currencies_Break-Targets_Below__body_usdjpy.png, Commodity Currencies Break-Targets Below

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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22 March 2012 13:31 GMT