Euro Pressing against Resistance Ahead of FOMC

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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Levels PRE FOMC

USDOLLAR DAILY

Prepared by Jamie Saettele, CMT

USDOLLAR – The key 9893 level remains intact and pattern is constructive above there. A drop below would shift focus to the trendline that extends off of the October and February lows (just below 9850) and 100% extension of the 10097-9893 decline at 9835.

EURUSD DAILY

Prepared by Jamie Saettele, CMT

EURUSD – The 61.8% retracement of the decline from 13379 at 13236 held this morning but a positive FOMC reaction could test resistance from former supports at 13250/75. Trendline resistance comes in today at 13300. 13060-13100 is support.

GBPUSD DAILY

Prepared by Jamie Saettele, CMT

GBPUSD – My interest is piqued given the action at the current level. To review, 16165 is the October 2011 high, 61.8% retracement of the decline from the 2011 high and trendline resistance. With help from GDP, price is working on a daily key reversal. 15985 is support.

AUDUSD DAILY

Prepared by Jamie Saettele, CMT

AUDUSD – April has been marked by sideways trading and quite simply frustration as bearish conditions have not facilitated a bearish break. Maybe the market is waiting for FOMC but focus is on the 2012 low at 10145 as long as price is below 10464. Resistance is 10383-10418.

NZDUSD 240 Minute

Prepared by Jamie Saettele, CMT

NZDUSD – Perhaps the cleanest setup, I remain bearish against 8317. The drop to 8087 may have completed wave 1 of the next bear wave towards 7900. Resistance is 8190 and 8230.

USDJPY Daily

Prepared by Jamie Saettele, CMT

USDJPY – The US 10 year made a new high Monday to create divergence with the Yen. This was the trigger I was waiting for. Despite equities appearing vulnerable, reward/risk justifies longs here. It may take several attempts to align with the longer term USDJPY bull trend but I am bullish against 8025. A drop below there would expose 7950.

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Jamie is the author of Sentiment in the Forex Market.