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Timing a EURCAD Short with the EURAUD

Timing a EURCAD Short with the EURAUD

2012-04-24 19:37:00
Jamie Saettele, CMT, Sr. Technical Strategist

Euro / Australian Dollar

Daily Bars

Timing_a_EURCAD_Short_with_the_EURAUD_body_euraud.png, Timing a EURCAD Short with the EURAUD

Prepared by Jamie Saettele, CMT

Continue to look higher as the “the EURAUD held channel and trendline support. A push above the March high of 12891 may complete 5 waves up from 12133. Expect resistance near 13000.” We’ll hone in on levels as the EURAUD ticks higher but the 52 week average is worth a mention at 13095. 12775 is support.

Bottom line (next 5 days): higher but topping near 13100

Euro / Canadian Dollar

Daily Bars

Timing_a_EURCAD_Short_with_the_EURAUD_body_eurcad.png, Timing a EURCAD Short with the EURAUD

Prepared by Jamie Saettele, CMT

“The January low (12874) is in sight and a break would target the January 2011 (and all of 2011) low at 12776 and then the 2010 (from June) low at 12449…A stop on any shorts should be kept to 13333.” Action for all of 2012 may compose a triangle. If so, then an objective is 12566 (13176 – triangle width (13479-12869)). Near term, the turn higher negates the immediate bearish breakdown. Exceeding 13176 may complete a small flat correction from the 4/5 low and offer a shorting opportunity. A new high in the EURAUD would probably correlate with the end of the EURCAD correction.

Bottom line (next 5 days): topping

Euro / Japanese Yen

Weekly Candles

Timing_a_EURCAD_Short_with_the_EURAUD_body_eurjpy.png, Timing a EURCAD Short with the EURAUD

Prepared by Jamie Saettele, CMT

I am more USD bull than Yen bear at these levels but a longer term look at the EURJPY reveals that the 13 week average has turned up and that the average has held as support in recent weeks. Last week’s reversal presents an opportunity to align with what I believe is a larger bull trend from the January low. Near term, respect potential for fluctuations between 10580 and 10840.

Bottom line (next 5 days): sideways

British Pound / Japanese Yen

Weekly Candles

Timing_a_EURCAD_Short_with_the_EURAUD_body_gbpjpy.png, Timing a EURCAD Short with the EURAUD

Prepared by Jamie Saettele, CMT

The 13 week average was resistance on multiple occasions on the way down and is now serving as support. The GBPJPY is in a more bullish position that the EURJPY as the 13 week average has already crossed above the 52 week average. Look for a higher low to form above 12710. Support is 12960.

Bottom line (next 5 days): sideways

Australian Dollar / Japanese Yen

240 Minute Bars

Timing_a_EURCAD_Short_with_the_EURAUD_body_audjpy.png, Timing a EURCAD Short with the EURAUD

Prepared by Jamie Saettele, CMT

The AUDJPY remains capped by 8480 and its 20 day average. Sideways trade since the 4/11 low may be unfolding as a triangle before a bearish terminal thrust and test of 8050. 8280-8420 is resistance. The triangle idea is valid as long as price is below 8480.

Bottom line (next 5 days): down

--- 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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