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Tradeable Top is in Place for Euro against Dollar

Tradeable Top is in Place for Euro against Dollar

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

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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

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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