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EURGBP Reversal Offers Opportunity in Both Directions

EURGBP Reversal Offers Opportunity in Both Directions

2012-01-10 22:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Euro / British Pound

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_eurgbp.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

The EURGBP carved out a key reversal yesterday so respect the potential for a 4th wave pullback into Elliott channel resistance. The general resistance area is 8327-8422 and the eventual intersection with the channel should indicate the next short opportunity. Watch the 20 day average for resistance as well (currently at 8337). The next downside levels of interest are the August 2010 low at 8141 and the July 2010 low at 8066.

Euro / Australian Dollar

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_euraud.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

I wrote last update that “the next objective is not until the 161.8% extension of the decline from 14087-13110, which is at 12230. The first day of the month high (12695) can be used as risk on shorts.” Expect a near term bounce from the deeply oversold condition but rallies should prove corrective. Resistance is 12510/65 and risk should be kept to 12695.

Euro / Canadian Dollar

WeeklyBars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_eurcad.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

I wrote last week that “resistance is 13080-13120 and risk on shorts can be moved to 13235. Trading above there would shift focus to resistance at 13275, and 13360/75.” The EURCAD traded to 13140 yesterday before plummeting to fresh lows. Daily RSI is at a level (lowest since February 2010) that could produce a short term bounce but strength should prove corrective. Resistance is still 13145 and risk should be kept to 13235.

Euro / Japanese Yen

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_eurjpy.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

The EURJPY carved out a daily key reversal yesterday (at its lowest level since December 2000) so respect potential for a bounce into 9985-9940. Strength will likely compose a 4th wave correction that gives way to fresh lows. In the event of new lows, a monthly pivot would be of interest at 9530.

British Pound / Japanese Yen

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_gbpjpy.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

A head and shoulders pattern (continuation…bearish) has been confirmed with the break below neckline support. Price has bounced from the -2nd std dev band of the daily and should face resistance from 11915 and 12020. Strength into there would present an opportunity to align with the larger trend and a test of the September low at 11682.

Australian Dollar / Japanese Yen

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_audjpy.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

In diabolical manner, the AUDJPY took out the 12/29 low yesterday before reversing sharply. Price is nearing the ¼ high and push above would shift focus to the December high at 8053, the 11/7 high at 8146 and 100% extension of the rally from the November low at 8269. 7900 and 7870 are near term supports.

Canadian Dollar / Japanese Yen

Daily Bars

EURGBP_Reversal_Offers_Opportunity_in_Both_Directions_body_cadjpy.png, EURGBP Reversal Offers Opportunity in Both Directions

Prepared by Jamie Saettele, CMT

The CADJPY reversed off of trendline support yesterday and is nearing 9 month trendline resistance. A push above would signal significant reversal potential towards the December high at 7737 and 100% extension of the rally from the November low at 7840.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

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