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)
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.
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.
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).
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
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Jamie is the author of Sentiment in the Forex Market.
