Jamie's Pick: 10/03/12
The following trades are being actively managed with all comments disseminated via Twitter @JamieSaettele. Half of the position was covered this morning and I'm looking to short more on strength. A EURUSD long was also taken this morning.
AUDUSD focus remains on the Fibonacci confluence and 6/25 low at 9968/90 and NZDUSD focus is on the 61.8% retracement of the rally from 7455 and 7/25 low at 7799-7807 but the post ISM reaction is consistent with the beginning of a corrective bounce. Resistance is now 10250/70 and 8230/45. Make no mistake, I am bearish but would welcome intraday strength to increase short exposure.
The EURUSD breakdown level is 12802. As long as price is above there, one cannot dismiss a run at 13030/47 (61.8% of decline from 13172, 9/21 high, and 100% extension of the rally from 12802 if 12876 holds). I’m a seller above 13000 or below 12800.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.