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Jamie's Pick: 10/18/12

Jamie's Pick: 10/18/12

Jamie Saettele, CMT, Sr. Technical Strategist

AUDCHF intraday action remains constructive and I’m looking to increase long exposure below 9540. Risk has been moved up from 9435 to 9489.

I was stopped out of EURJPY shorts at 10390 for a 70 pip loss. The next level that could produce a market response is 10451/81. 10451=50% extension of 9411-10385 / 9963. 10461=April low. 10481=61.8% retracement of 11143-9411.

The AUDNZD is approaching resistance from 12687-12717 (JS Thrust day close from 9/13 and 38.2% retracement of decline from 13277). Shorts into that level may result in a return to the former 4th wave at 12487.

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