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Stocks and US Dollar Reversals Expected

Stocks and US Dollar Reversals Expected

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos (Innovative Tech. explains Key Reversals and RSI Signals)

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

December Key Reversals-none

December RSI Signals-CADCHF GBPCHF NZDCHF USDCHF (all bearish)

Key Reversals Last Week-EURGBP (bullish)

RSI Signals Last Week-AUDNZD (bullish) NZDJPY NZDCAD (bearish)

Daily Key Reversals (RV) and RSI Signals (RS)

Stocks_and_US_Dollar_Reversals_Expected_body_011712table.jpg, Stocks and US Dollar Reversals Expected

Morning Comments:

S&P – Is approaching the long focused on trendline resistance (drawn off of the May and July highs). The line is just above 1306 today in the future and just above 1316 in the index. I’m expecting a top near close to these levels.

Stocks_and_US_Dollar_Reversals_Expected_body_spx500.png, Stocks and US Dollar Reversals Expected

Prepared by Jamie Saettele, CMT

USDOLLAR (Ticker: USDOLLAR): Has dipped under Friday’s low in what is probably wave c of a flat. Expectations are for a 2nd wave low to form this week. Watch 9923/26 (former pivot and 61.8% retracement) for support.

Stocks_and_US_Dollar_Reversals_Expected_body_usdollar.png, Stocks and US Dollar Reversals Expected

Prepared by Jamie Saettele, CMT

EURUSD – Nearly reached the August 2010 low at 12590 before reversing and the downgrade news has nearly been completed retraced. The 1/13 high at 12878 is reinforced by the 20 day average and trendline that extends off of the December and January highs. 12740 is support.

Stocks_and_US_Dollar_Reversals_Expected_body_eurusd.png, Stocks and US Dollar Reversals Expected

Prepared by Jamie Saettele, CMT

GBPUSD – Is testing Friday’s high (which was a long legged doji) and focus is on the 1/10 high and 20 day average at 15500. Expect resistance at this level. 15350 is support.

AUDUSD – The AUDUSD has taken out 10385 and reached the 11/3 high at 10446. Price is nearing a trendline that extends off of the July, August and October highs (10470 today). Trading through there would shift focus to a Fibo extension at 10577. 10375 is support. Worth mentioning is the 200 day at 10410.

Stocks_and_US_Dollar_Reversals_Expected_body_audusd.png, Stocks and US Dollar Reversals Expected

Prepared by Jamie Saettele, CMT

NZDUSD – Has popped through 7981 to test the 200 day at 8030. Watch for resistance at the channel that defines the rally from the November low. The line is at 8054 today. 7975 is short term support.

Stocks_and_US_Dollar_Reversals_Expected_body_nzdusd.png, Stocks and US Dollar Reversals Expected

Prepared by Jamie Saettele, CMT

USDJPY – Is extremely choppy and best described as range bound between 7650 and 7750.

USDCAD – The range has tightened but respect the downside as long as the trendline that extends off of the November, December, and January highs is intact. 10165/90 is resistance.

USDCHF – Remains below the 1/9 high (which was a daily key reversal). “The inability of the USDCHF to make a new high (above 9595) while the EURUSD makes new lows raises the possibility that the USDCHF rally is complete in the guise of a 5th wave truncation.”

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

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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.