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Jamie's Pick: 10/22/12

Jamie's Pick: 10/22/12

Jamie Saettele, CMT, Sr. Technical Strategist

-EURUSD-is holding 13014 support but resistance has also formed at 13055/85. There are multiple wave counts at the current juncture which increases risk for those involved. A print above 13139 could complete the rally from 12824. A drop below 12990 would suggest that the EURUSD is headed towards the early October lows. I exited longs from last week this morning (released via Twitter @JamieSaettele).

-AUDCHF-“intraday action remains constructive and I’m looking to increase long exposure below 9558 (previously 9540). I am long and risk has been moved up from 9435 to 9489.” The AUDCHF is stabilizing below 9558 although I’ve yet to increase exposure given the slow market. Exceeding 9661 would set sights on 9784/98.

-AUDUSD and NZDUSD – remain constructive against 10270 and 8108. I am bullish (longs were taken last week in NZDUSD at 8197 in effect replacing AUDUSD longs).

-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”. It’s possible of course that a top is in place at 12673. I went short last night 12643.

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