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Bullish Breakouts in EURAUD and EURNZD

Bullish Breakouts in EURAUD and EURNZD

Jamie Saettele, CMT, Sr. Technical Strategist

PRICE TREND / RANGE TABLE

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_Picture_6.png, Bullish Breakouts in EURAUD and EURNZD

-PriceRank is the percentile rank of the last daily close compared most recent 60 and 20 daily closes (100=highest close and 0 = lowest close)

-Range is the difference in pips of highest high – lowest low over X days (60, 20) – for example, a range of 500 under the 20 days column means that the highest 20 day high – the lowest 20 day low = 500 pips

-Rank is the percentile rank of the range over X days (60, 20) – for example, a rank of 100 under the 20 day column means that the range over the last 20 days is the highest it has been in 20 days

-ATR% is the average range over the last 20 days expressed as a %. The rank indicates whether the average range is high or low relative to the last 20 days.

Australian Dollar / New Zealand Dollar

Daily Bars

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_audnzd.png, Bullish Breakouts in EURAUD and EURNZD

Prepared by Jamie Saettele, CMT

A multi-year topping pattern is evident on weekly charts. This rally from the April low offers an opportunity to align with the larger bear trend against 13061. Resistance is defined by the current level (upward sloping trendline) and extends to trendline resistance (extends off of December and March highs) / former highs at 12888 and 12933. Daily RSI is at a level consistent with bear market tops.

New Zealand Dollar / Canadian Dollar

Daily Bars

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_nzdcad.png, Bullish Breakouts in EURAUD and EURNZD

Prepared by Jamie Saettele, CMT

I wrote last week that “the NZDCAD slipped below the 1/2/2012 low today. This is significant in that action for 2012 composes an intrayear reversal. The level is defended by the 100% extension of the decline from February and channel support. Don’t chase at these levels. A better play is to fade a likely bounce against 8100. 7940/80 is resistance. In sharply trending markets, the 5 day average is useful as a trigger. 7840 and 7720 are bearish objectives.” The NZDCAD got to 7935 yesterday before faltering. A confluence of channels and the 12/29/11 low define support at 7840 / current level. A bounce into 7935/75 would offer a chance to short again.

Australian Dollar / Canadian Dollar

Daily Bars

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_audcad.png, Bullish Breakouts in EURAUD and EURNZD

Prepared by Jamie Saettele, CMT

The AUDCAD is leading the NZDCAD, having broken its 2012 low in March. Immediate focus is on the August 2011 low at 9915 but a bounce from the current level (November 2011 low) is likely. I favor shorts into 10160-10220 with a stop above 10300.

Euro / New Zealand Dollar

Daily Bars

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_eurnzd.png, Bullish Breakouts in EURAUD and EURNZD

Prepared by Jamie Saettele, CMT

Currently testing channel resistance, immediate focus is on the 2012 high (1/2 high) at 16662 and a move through would be considered significant not just because of the YTD high but also because of the break through the base channel. As focused on many times in these technical pages, a break of the base channel suggests that an impulse is underway. In this case, focus shifts higher to former support at 17069 and the 161.8% extension at 17121. 16450 is support and the near term trend is up against 16359 (Monday low).

Euro / Australian Dollar

Daily Bars

Bullish_Breakouts_in_EURAUD_and_EURNZD__body_euraud.png, Bullish Breakouts in EURAUD and EURNZD

Prepared by Jamie Saettele, CMT

Currently holding trendline support, the EURAUD is constructive against 12690. Reward/risk is favorable towards a former pivot at 13226. Channel resistance crosses this level next week (on the 15th to be exact). Any setbacks should be bought against 12690. Initial support is 12830…then 12750.

--- 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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