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US Dollar Spikes into Support - Look for a Low

US Dollar Spikes into Support - Look for a Low

2012-03-08 14:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Morning Notes:

EURUSD –“A 5 wave structure is visible from 13485. 13160 and 13190 are levels to expect resistance but a return to 13240 or even 13280 is certainly possible. Strategically, I’ll look to identify the end of the correction (via Twitter @JamieSaettele). The larger trend is down against 13360.” Price is nearing the top of the mentioned resistance zone so look for a top. Levels today are 13210/25 and 13280, 13340. Look for a top.

US_Dollar_Spikes_into_Support_-_Look_for_a_Low_body_eurusd.png, US Dollar Spikes into Support - Look for a Low

Prepared by Jamie Saettele, CMT

GBPUSD – “The GBPUSD is in the same position as the EURUSD. I am looking lower over the next several days but probably not before corrective action into 15780-15800. A bearish bias is warranted against the March 1 high of 15975.” The GBPUSD spiked into 15830 this morning. I favor shorting on a retest of that level.

US_Dollar_Spikes_into_Support_-_Look_for_a_Low_body_gbpusd.png, US Dollar Spikes into Support - Look for a Low

Prepared by Jamie Saettele, CMT

AUDUSD – “I’ll continue to look lower towards the 1/17 high at 10449 and 200 day average at 10410 but probably not before strength into 10655 and maybe even 10715. In other words, employ a range strategy over the next few days (sell strength at resistance and buy weakness at support). The larger trend is down against 10815.” Look for a top today for bearish continuation on Friday.

US_Dollar_Spikes_into_Support_-_Look_for_a_Low_body_nzdusd.png, US Dollar Spikes into Support - Look for a Low

Prepared by Jamie Saettele, CMT

USDJPY – “Early March action warrants a long USDJPY position with a stop below 8000. I’ve no idea if the advance will extend from current levels but the reward/risk is favorable as the next objective isn’t until the 100% extension of the February rally from 8001 / July 2011 low at 8550.” Risk on longs can be moved up to 8055. 8140 is support today.

US_Dollar_Spikes_into_Support_-_Look_for_a_Low_body_usdjpy.png, US Dollar Spikes into Support - Look for a Low

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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