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AUDUSD and NZDUSD Lows May Form under 1.05 and .81

AUDUSD and NZDUSD Lows May Form under 1.05 and .81

2012-03-07 14:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Morning Notes:

EURUSD –13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible in the next few days (5 waves down from 13485 should be followed by 3 waves up). Strategically, I’ll look to identify the end of the correction and return to the short side (probably next week). The larger trend is down against 13360. Trade below 12973 targets 12880.

AUDUSD_and_NZDUSD_Lows_May_Form_under_1.05_and_.81_body_eurusd.png, AUDUSD and NZDUSD Lows May Form under 1.05 and .81

Prepared by Jamie Saettele, CMT

GBPUSD – Look for the recently broken trendline support to act as resistance now (along with the 20 day average at 15800). In general, resistance over the next few days is 15780-15800. A break under 15644 targets 15500.

AUDUSD_and_NZDUSD_Lows_May_Form_under_1.05_and_.81_body_gbpusd.png, AUDUSD and NZDUSD Lows May Form under 1.05 and .81

Prepared by Jamie Saettele, CMT

AUDUSD – An important low may form today. Near team structure favors one more drop to complete 5 waves down before a recovery. Regardless of the larger trend, a recovery is then expected (and perhaps an outright bullish reversal as the decline from the 2/8 high may compose a flat). Levels that may produce the low are 10450 (161.8% extension of 10844-10597 / 10856 and1/17 high), 10490 (channel support) and 10410 (200 day average).

AUDUSD_and_NZDUSD_Lows_May_Form_under_1.05_and_.81_body_audusd.png, AUDUSD and NZDUSD Lows May Form under 1.05 and .81

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD is in the same short term situation as the AUDUSD. That is, a drop below yesterday’s low probably completes 5 waves down from the 2/29 high and possibly a correction from the 2/8 high. Regardless of the larger trend, 8050/80 is expected to produce a reaction. The level is defined by the 200 day average, 1/18 high, and channel support. Near term resistance is 8170 and 8200.

AUDUSD_and_NZDUSD_Lows_May_Form_under_1.05_and_.81_body_nzdusd.png, AUDUSD and NZDUSD Lows May Form under 1.05 and .81

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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