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NZDUSD Pattern is Bearish Pre-CPI

By , Sr. Technical Strategist
18 April 2012 14:06 GMT

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Afternoon Technicals (all charts)

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Morning Notes:

DAX – Look lower in the DAX from these levels to new lows as per the operative wave count. The drop will probably feel panicky and be fully retraced.

NZDUSD_Pattern_is_Bearish_Pre-CPI_body_dax.png, NZDUSD Pattern is Bearish Pre-CPI

Prepared by Jamie Saettele, CMT

EURUSD – “Rallies since the March low have unfolded in a corrective manner (3 waves). The suggestion is that the larger trend is down. Focus remains on 12900 and price ideally stays under 13212 although 13379 is the key trend defining level.”

NZDUSD_Pattern_is_Bearish_Pre-CPI_body_eurusd.png, NZDUSD Pattern is Bearish Pre-CPI

Prepared by Jamie Saettele, CMT

AUDUSD – No change - “From a risk standpoint, 10464 is the bearish line in the sand for me. Exceeding that level would shift focus to former supports at 10509 and 10597.” Last week’s advance failed just before 10464 and at the underside of former trendline support and channel resistance. 10145-10386 is the opening range for the year (first 2 weeks) and a break of the early year range would open up the floodgates towards 9860 and 9660.

NZDUSD – The combination of price pattern since the late February top and key reversal on Friday warrants a bearish stance against 8320. Resistance from December and the 100% extension of the 8471-8061 decline at 7878-7908 define the target area.

NZDUSD_Pattern_is_Bearish_Pre-CPI_body_nzdusd.png, NZDUSD Pattern is Bearish Pre-CPI

Prepared by Jamie Saettele, CMT

USDJPY – Price has rebounded sharply from Monday’s low to reach former support at 8154. Trendline resistance and the 20 day average are additional resistance. The trend for the month has been down and I still want to see a move to new highs in the 10 year (to create divergence) before returning to long USDJPY. 8090-8110 is support.

NZDUSD_Pattern_is_Bearish_Pre-CPI_body_usdjpy.png, NZDUSD Pattern is Bearish Pre-CPI

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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18 April 2012 14:06 GMT