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The Great Unwing Coming in NZD/USD?

The Great Unwing Coming in NZD/USD?

2013-05-01 15:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Was stopped out of the GBPUSD short last night...quick and painless while I was sleeping...better than worrying about it for days (more on worrying below). What's annoying however is that price has reacted just shy of the 50% retracement of the decline from the January high (1.5605). The GBPUSD is in a good area for a top but need to wait for a setup with defined risk.

The NZDUSD short is working well. Price is nearing minor support at .8480 but stronger support is probably .8400. With a potentially important top in place at April's high, It's quite possible I'll be operating from the short side for several months. With last night's entry, am looking to exit this short at .8400...and then sell a bounce. Cover the drops and short the pops.

After worrying for days...gold and oil are finally starting to work. Estimated supports ahead of the lows are 1370 and 88.25.

Watchlist

Long USDMXN-would like to see a daily close above 12.2

Short AUDUSD-see what happens at the trendline off of the 2012 and 2013 lows

USDJPY-volatility has contracted so sharp moves are probably best faded on near term basis. Estimated support is 96.33 and resistance 98.30.

EURUSD-traded into the 50% retracement of the decline from the February high and reversed (so far)...estimated support is 1.3130/60.

@JamieSaettele

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