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Jamie's Pick: 07/02/12

Jamie's Pick: 07/02/12

Jamie Saettele, CMT, Sr. Technical Strategist

“Think back to early June. Bulls capitulated after the awful NFP release on June 1 and the USD hasn’t traded higher since! The current situation is the exact opposite.” It is the first trading day of July and as mentioned, market sentiment has completely reversed from where it was in one month ago.

The NZDUSD is at a trendline that extends off of the February and April highs. The general area is reinforced by the March low and 4/23 low at 8058/87 (200 day average is just below the current level). The AUDUSD is also in the vicinity of its April low of 10225, which is reinforced by the 200 day average.

The cleanest short term pattern is the EURUSD, which may have put in a 2nd wave high with Friday’s surge.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.