Australian Dollar / New Zealand Dollar
Weekly Bars
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 3/15 high at 12934. The trendline that extends off of the March 2011 and December 2011 highs is at about 12990 this week and 12975 next week.
New Zealand Dollar / Canadian Dollar
Weekly Bars
Prepared by Jamie Saettele, CMT
The NZDCAD is just pips away from the November low at 7717. The longer term trendline is of interest below there at 7555 this week (increases about 7 pips per week), which intersects with lows in April 2011. Expect a bounce from these levels if reached. The downside is favored against 7895 and resistance is 7775/95.
Australian Dollar / Canadian Dollar
Weekly Bars
Prepared by Jamie Saettele, CMT
The AUDCAD has already broken below its long term trendline and immediate focus is on the August 2011 low at 9915 (then the March 2011 low at 9606). Price has stabilized the last 2 days but the shallow bounce is viewed as nothing more than consolidation. 10040/60 is resistance and the downside is favored against 10140 (5/10 high).
Daily Bars
Prepared by Jamie Saettele, CMT
Channel resistance is holding for now but a break exposes the 2012 high (1/2 high) at 16662. 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 that case, focus would shift higher to former support at 17069 and the 161.8% extension at 17121. 16360 is support and the trend is bullish against 16150.
Daily Bars
Prepared by Jamie Saettele, CMT
Holding trendline support, the EURAUD is constructive against 12645. Reward/risk is favorable towards a former pivot at 13226. Channel resistance crosses this level next week (on the 15th to be exact). Setbacks (such as today’s drop) are viewed as opportunities to get long for a potential break.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
