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Seeing the Forest from the Trees: An Analysis of Global Markets
Afternoon Technicals (all charts)
Morning Notes:
US Indices – Do not chase a bullish resolution to the sideways chop that has plagued the market since 2/3. Continue to watch the July high at 1356.48 for resistance. 3 of the last 4 daily candles are of the ‘hanging man’ variety and warn of a turn. Also, at some point the market will ‘care’ about what’s going on in Europe. Until that day, fighting the Pollyanna market is a way to the poor house. A drop below the 2/10 low would trigger a cautious (not aggressive) bearish bias.
Prepared by Jamie Saettele, CMT
EURUSD – The critical level for the larger trend is the 2/6 low at 13026. Pattern is constructive above that level with the rally from 13026 and decline from 13321 composing waves 1 and 2 of wave C. Objectives remain levels derived from Fibonacci at 13435 and 13630. A drop below 13026 would negate the outlook and shift focus to 12880 (former resistance).
AUDUSD – The decline is still viewed as a corrective 4th wave. The implications are for continued strength (above 10844). Support today comes in at 10705 and bulls are favored against 10628.
NZDUSD – Has already exceeded its 2/8 high but respect the potential for the 5th wave to extend towards the 78.6% retracement of the decline from the 2011 high at 8527 and 8/31/11 high at 8572. Support today is 8355.
Prepared by Jamie Saettele, CMT
USDJPY – Has met resistance from the trendline that extends off of the 2008 and 2010 highs. Support comes in at 7820 and 7780. The upside remains favored against yesterday’s low at 7735.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
