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NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

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)

NZDUSD_Reaches_Channel_Resistance_-_Euro_Bullish_Above_12730_body_011712table.jpg, NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

Morning Comments:

S&P – Carved out a key reversal yesterday, adding yet additional evidence to the topping process. The May-July trendline remains of interest just under 1306 today.

USDOLLAR (Ticker: USDOLLAR): There are several bullish counts, including this triangle. Potential remains for price to slide into 9925 or so before a low is registered. The goal moving forward is to align with the long side.

NZDUSD_Reaches_Channel_Resistance_-_Euro_Bullish_Above_12730_body_usdollar.png, NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

Prepared by Jamie Saettele, CMT

EURUSD – Is nearing “the 1/13 high at 12878, which is reinforced by the 20 day average and trendline that extends off of the December and January highs.” Longs are favored today as long as price is above 12730.

GBPUSD – Is nearing Friday’s high (which was a long legged doji) and focus is on the 1/10 high and 20 day average at 15480-15500. Expect resistance at this level. 15320 is support.

AUDUSD – Reversed at the 200 day average yesterday but there is not sufficient evidence to suggest that a top is in place. Focus remains on the trendline that extends off of the July, August and October highs (10465 today). Trading through there would shift focus to a Fibo extension at 10577. 10330 is support. A drop under 10250 would trigger a bearish bias.

NZDUSD – Has reached resistance from the channel that defines the rally from the November low. A drop under 7912 is needed to confirm a top. Until then, respect upside potential. 7980-8005 is support. 8106 is of interest (50% retracement of decline from 2011 high).

NZDUSD_Reaches_Channel_Resistance_-_Euro_Bullish_Above_12730_body_nzdusd.png, NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

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. 10190-10220 is resistance.

USDCHF – Has broken under the trendline that extends off of the October and January lows but contends with the 20 day average and trendline off of the November and January lows. The downside is favored today below 9500.

NZDUSD_Reaches_Channel_Resistance_-_Euro_Bullish_Above_12730_body_usdchf.png, NZDUSD Reaches Channel Resistance - Euro Bullish Above 12730

Prepared by Jamie Saettele, CMT

--- 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.