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Australian Dollar Crosses Face Resistance Near Current Levels

Australian Dollar Crosses Face Resistance Near Current Levels

2012-07-04 14:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Australian Dollar / Canadian Dollar

Daily Bars

Australian_Dollar_Crosses_Face_Resistance_Near_Current_Levels_body_audcad.png, Australian Dollar Crosses Face Resistance Near Current Levels

Prepared by Jamie Saettele, CMT

Might the AUDCAD be sending warning signals to AUD (and risk) bulls in general? I think so. The 2nd standard deviation band (60 day) has provoked reactions over the last year, typically within several days of touching the band. The 61.8% retracement of the 10783-9955 decline comes in at 10467 as resistance. Reward/risk favors bears.

Australian Dollar / New Zealand Dollar

Weekly Bars

Australian_Dollar_Crosses_Face_Resistance_Near_Current_Levels_body_audnzd.png, Australian Dollar Crosses Face Resistance Near Current Levels

Prepared by Jamie Saettele, CMT

The AUDNZD is drifting sideways as price is right at its 4 week, 13 week, and 52 week averages. In other words, the AUDNZD is coiled which warns of an eventual break. Look lower as long as price is below the May high of 13048. 12860 and 12920 serve as resistance ahead of the key level. Ultimately, a test of the 2011 low is expected (12315).

Australian Dollar / Japanese Yen

Daily Bars

Australian_Dollar_Crosses_Face_Resistance_Near_Current_Levels_body_audjpy.png, Australian Dollar Crosses Face Resistance Near Current Levels

Prepared by Jamie Saettele, CMT

The AUDJPY is in ‘melt-up’ mode and approaching resistance from the April low at 8248 and 61.8% retracement of the 8862-7445 decline at 8321. Also on the 2nd standard deviation band (20 day), expect headwinds as price nears the mentioned levels. Of note in the event of an extended advance is the confluence of the 10/31/11 high and 61.8% extension of the 7445-8157 advance from 7931 at 8370/95.

--- 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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