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Jamie's Pick: 07/09/12

Jamie's Pick: 07/09/12

Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD traded to a 2 year low Friday and focus is on lower levels; notably 12150, 12068, 11875, and 11640. I don’t want to get too involved with the short term EURUSD wave count at this juncture for fear of seeing something that isn’t there. A rebound over the coming days back into 12360-12400 would present the next multi day short opportunity. Watch 60 minute RSI – rallies should be capped by roughly 60 on the indicator if the downtrend is still in force.

Other levels to keep an eye on early in the week are 10240 and 10125 in AUDUSD and 7880 and 8000 in NZDUSD.

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