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Tradeable Top is in Place for Euro against Dollar

Tradeable Top is in Place for Euro against Dollar

2012-03-02 14:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

EURUSD – The extent of the decline from 13485 is enough to suggest that the 3 wave rally from the January low is complete. Interim support comes in at channel support (13130 today and increases 20 pips per day). Rallies should now be sold with a stop above 13355. 13265-13300 is resistance.

Euro_Decline_Sufficient_to_Suggest_Top_is_in_Place_body_eurusd.png, Tradeable Top is in Place for Euro against Dollar

Prepared by Jamie Saettele, CMT

GBPUSD – Wednesday’s action left a gravestone doji (name is not important just know that there is along upper ‘wick’), which is considered a bearish reversal pattern. Like the EURUSD, the GBPUSD rally to a new high (above end of wave A) satisfies minimum requirements for wave C. A larger advance was expected but it would be foolish to dismiss the reversal evidence, especially at the beginning of a new month. 15800 is interim support.

AUDUSD – Recent analysis remains valid – “After trading to its highest level since August 2nd, the AUDUSD reversed sharply and carved out a key reversal in the process. The very short term wave pattern also has bearish implications.” A short was taken last night on the break of the Asian session low (10785). The stop is 10820. A short term objective is 10675.

Euro_Decline_Sufficient_to_Suggest_Top_is_in_Place_body_audusd.png, Tradeable Top is in Place for Euro against Dollar

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD also carved out a key reversal on Wednesday. Interestingly, the high was registered right at the line that is used to estimate the right shoulder of a head and shoulders pattern (line parallel to neckline is extended from left shoulder). Of course, we don’t know if a multiyear head and shoulders is unfolding but this method is anticipatory. A bearish bias is warranted against 8406.

USDJPY – As long as price is above 8080, look higher towards 8220 (May 2011 high) and 8550 (100% extension of February rally and April 2011 high). 8120/40 is support.

Euro_Decline_Sufficient_to_Suggest_Top_is_in_Place_body_usdjpy.png, Tradeable Top is in Place for Euro against Dollar

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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