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Trade Updates for 05/22/2013

Trade Updates for 05/22/2013

2013-05-22 12:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Updates for 5/22/2013...

A USDCHF move towards at leats 1.0100 is probably underway and the market is responding well to .9640 support. Several days of sideways action is welcomed by this bull...in order to increase positioin size with a tigher stop. ***Move risk on any remaining longs to .9645...below there would have me looking for support near .9575.

The GBPUSD is nearing possible support from 1.5000/32 but given picture bearishness from the 4 year triangle break in February, one should just let the downside play out. ***Risk on GBPUSD was moved down to 1.5195 last night. I would exit if 1.4900 if reached this week.

The EURUSD could still find a 4th wave high near the current level. The implications are for a drop below 1.2796 before a rally back towards 1.3020/70.

Commodity currencies / EM might be a bit too beat up. USDMXN is coming off after trading into the 4/5 and 4/23 highs. Near term USDZAR structure suggests a final high to complete 5 waves up before a deeper decline. This scenario fits with final lows in the AUDUSD and NZDUSD, probably near .9700 and .8052 before rebounds of several % that last at least a week. Exceeding Tuesday's highs would have me looking at the higher levels outlines in the Daily Technicals.

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