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AUDUSD and NZDUSD Supports Just Under Market

AUDUSD and NZDUSD Supports Just Under Market

2012-02-17 14:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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FXCM Expo Videos

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.)

Morning Notes:

US Indices – “All futures and indices traced out key reversals yesterday (see first expo video for more on key reversals-magenta bars on chart below are key reversals). All the warnings that came before the turn such as the divergence between indices and candle patterns on the SPY suggest that we take this drop seriously.” Markets are back at fresh highs. The S&P (cash) is trading at the July high (1356.48) and the final level to watch is the 2011 high (May) at 1370.58 (Dow is already above that level). Supports today come in at 1355, 1353, and 1350.

EURUSD – The drop under 13000 probably completed a flat correction from the 1/27 high. The implications are for a sharp rally through the balance of February towards the mid 13000s. Price has reached resistance from the 2/15 high and a reaction should find support at 13160.

AUDUSD – Recent AUDUSD action probably composes a 4th wave correction within the 5 wave advance from the 12/15/11 low. The floor is strong as price is above 10645. Expect support at 10700/20.

AUDUSD_and_NZDUSD_Supports_Just_Under_Market_body_audusd.png, AUDUSD and NZDUSD Supports Just Under Market

Prepared by Jamie Saettele, CMT

NZDUSD – Choppy action since 2/8 has cleared weak longs and the NZDUSD is free to move higher and test the 8/31/11 high at 8572. 8315 is support.

AUDUSD_and_NZDUSD_Supports_Just_Under_Market_body_nzdusd.png, AUDUSD and NZDUSD Supports Just Under Market

Prepared by Jamie Saettele, CMT

USDJPY – Has pushed above the 2008-2010 resistance line and is nearing the October high of 7953. Like an idiot, I exited my longs yesterday near 7900 rather than following my own advice and trailing the stop. The trade, which was initiated in early February, worked well but should still be active. If you remain involved, then move the stop to 7875. Any consolidation / weakness next week should offer an opportunity to get back in (if you got out).

AUDUSD_and_NZDUSD_Supports_Just_Under_Market_body_usdjpy.png, AUDUSD and NZDUSD Supports Just Under Market

Prepared by Jamie Saettele, CMT

--- 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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