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Australian Dollar is Soft as Market Realizes RISK OFF

Australian Dollar is Soft as Market Realizes RISK OFF

2012-03-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

EURUSD – Channel support is being broken and focus is squarely on the February low at 12973 and then early 2012 resistance at 12880. 13155/85 is now resistance and risk on shorts can be moved to 13240. Exceeding that level would expose 13280.

Australian_Dollar_is_Soft_as_Market_Realizes_RISK_OFF_body_eurusd.png, Australian Dollar is Soft as Market Realizes RISK OFF

Prepared by Jamie Saettele, CMT

GBPUSD – Channel support is being broken and focus is squarely on the February low at 15644 and then early 2012 resistance at 15500. 15800/40 is now resistance and risk on shorts can be moved to 15880. Exceeding that level would expose 15900. .

Australian_Dollar_is_Soft_as_Market_Realizes_RISK_OFF_body_gbpusd.png, Australian Dollar is Soft as Market Realizes RISK OFF

Prepared by Jamie Saettele, CMT

AUDUSD – The drop below 10595 exposes support at the 1/30 low of 10525 but near term shorts (this week) are favored until at least 10450 (161.8% extension of 10844-10597 / 10856 and1/17 high). 10600 and 10650 are now resistance.

Australian_Dollar_is_Soft_as_Market_Realizes_RISK_OFF_body_audusd.png, Australian Dollar is Soft as Market Realizes RISK OFF

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD has entered a zone defined by a cluster of support. The upper end of the zone is defined by the 50 day average at 8150. Stronger support comes in at the 200 day average (8090 and reinforced by the 1/18 high). There is also potential channel support at 8040 today (increases about 18 pips per day). I favor shorting rallies into 8200 with a stop above 8310.

Australian_Dollar_is_Soft_as_Market_Realizes_RISK_OFF_body_nzdusd.png, Australian Dollar is Soft as Market Realizes RISK OFF

Prepared by Jamie Saettele, CMT

USDJPY – As long as price is above 8000, look higher towards 8220 (May 2011 high) and 8550 (100% extension of February rally and April 2011 high). A drop below 8000 would delay the bullish outlook and probably lead to a test of breakout levels at 7953 and maybe 7825 (7895 is in the middle of that zone and is potential support as well).

Australian_Dollar_is_Soft_as_Market_Realizes_RISK_OFF_body_usdjpy.png, Australian Dollar is Soft as Market Realizes RISK OFF

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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