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Possible Trading Setups in Euro Commodity FX Crosses

Possible Trading Setups in Euro Commodity FX Crosses

2012-10-09 19:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Euro / Canadian Dollar

Daily Bars

Possible_Trading_Setups_in_Euro_Commodity_FX_Crosses_body_eurcad.png, Possible Trading Setups in Euro Commodity FX Crosses

Prepared by Jamie Saettele, CMT

I’m starting with the EURCAD because the pattern is clear. The advance from the August low is in 5 waves and therefore suggestive of an important longer term low. Expect weakness to prove corrective over the next several weeks. Price has taken out initial support from the 10/1 low and near term focus is on the 38.2% retracement at 12547. I’m looking for a short term low and rebound into 12650/85 before corrective weakness resumes.

Euro / Australian Dollar

Daily Bars

Possible_Trading_Setups_in_Euro_Commodity_FX_Crosses_body_euraud.png, Possible Trading Setups in Euro Commodity FX Crosses

Prepared by Jamie Saettele, CMT

The EURAUD has reversed sharply from above 12800 but is showing signs of near term bearish exhaustion. 12536/85 is expected support for formation of a short term low. 12677-12721 is expected resistance in the event of a rally from nearby levels. A rally into mentioned resistance may present an opportunity to turn bearish for a larger correction of the rally from 11604. An initial objective would be 12460.

Euro / New Zealand Dollar

Daily Bars

Possible_Trading_Setups_in_Euro_Commodity_FX_Crosses_body_eurnzd.png, Possible Trading Setups in Euro Commodity FX Crosses

Prepared by Jamie Saettele, CMT

The EURNZD has reversed sharply but is showing signs of near term bearish exhaustion. Strength above 15833 could offer a bearish opportunity against the high for a run at 15584. Taking our cur from the EURCAD, a deeper decline throughout October could result in 15464 or the 61.8% retracement at 15348.

--- 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.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

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