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AUDUSD and NZDUSD Near Make or Break Pivot Levels

AUDUSD and NZDUSD Near Make or Break Pivot Levels

2012-02-22 13:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Morning Notes:

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.” Look for support near 13170/80 in order to get long for the next bull move.

AUDUSD_and_NZDUSD_Near_Make_of_Break_Pivot_Levels_body_eurusd.png, AUDUSD and NZDUSD Near Make or Break Pivot Levels

Prepared by Jamie Saettele, CMT

GBPUSD – The GBPUSD has plummeted on that back of dovish BoE minutes. Still, a C wave decline from 15928 is a valid interpretation. Channel support intersects with where C=A at 15596 tomorrow (Thursday). Resistance is 15595-15725.

AUDUSD_and_NZDUSD_Near_Make_of_Break_Pivot_Levels_body_gbpusd.png, AUDUSD and NZDUSD Near Make or Break Pivot Levels

Prepared by Jamie Saettele, CMT

AUDUSD – There is no change to the AUDUSD 4th wave interpretation although my bullish bias would be invalidated below 10568 (2/1 low) and focus would shift to 10450.

AUDUSD_and_NZDUSD_Near_Make_of_Break_Pivot_Levels_body_audusd.png, AUDUSD and NZDUSD Near Make or Break Pivot Levels

Prepared by Jamie Saettele, CMT

NZDUSD – The situation is similar to that of the AUDUSD in that sideways trade since 2/8 is viewed as corrective. The invalidation level for bulls is the 2/1 low at 8212. A drop below there shifts focus to 8140 and 8080.

USDJPY – Has exceeded the October and August intervention highs (7953 and 8023) and the next upside level of interest is the July 2011 high at 8147. Risk for bulls should now be under Monday’s low of 7935. 8010 and 7985 are supports. A drop below 7935 should trigger weakness towards 7865 and offer a long opportunity for March (although moving stops up seems to be the best strategy in this market).

--- 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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