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Stay Short USD Through at Least Friday

Stay Short USD Through at Least Friday

2013-04-11 14:02:00
Jamie Saettele, CMT, Sr. Technical Strategist

Scaled out of most GBPUSD at 1.5400 - still see upside there but in general want to be bearish with larger trend after 4 year bearish triangle break in February...will probably be looking for a top to align with bear trend later in the month between 1.5500 and 1.5600.

Stops on EURUSD longs moved up to 1.3040. Focus remains on 1.3227 (50%) and 1.3320/40 (2/25 high and 61.8%).

The AUDUSD market is acting well...brushing off 'bad news' last night and currently trading above the huge 1.0550 area. The stop still needs to be 1.0345 because I will not be taken out on a spike lower with the potential for a run towards the measured level...which is above the free float record (breakout systems favored in the event of push through 1.0625).

I've received a lot of USDJPY questions lately. All I'll say is that it's not worth fighting the upside here unless price drops below 98.50 and then it would only be a consideration.

@Jamie Saettele, CMT and author of Sentiment in the Forex Market

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