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AUDUSD and NZDUSD Divergence Suggestive of Reversals

AUDUSD and NZDUSD Divergence Suggestive of Reversals

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

EURUSD – Look lower as long as price is under last night’s high of 13190. Downside levels of interest are the 2/16 low at 12974, 100% extension of the 13485-13103 decline at 12900, and 1/13 high at 12878. A break of the downward sloping channel would indicate that the decline from 13485 is probably impulsive and shift focus to the January low.

AUDUSD_and_NZDUSD_Divergence_Suggestive_of_Reversals_body_eurusd.png, AUDUSD and NZDUSD Divergence Suggestive of Reversals

Prepared by Jamie Saettele, CMT

GBPUSD –Resistance remains 15700/50. Risk on should be kept to Thursday’s high of 15833. Focus is on the 100% extension of the 15991-15696 decline at 15537 and 1/10 high at 15500. A break of the downward sloping channel (tested as support on Monday) would indicate that the decline from 15991 is probably impulsive and headed towards the January low.

AUDUSD_and_NZDUSD_Divergence_Suggestive_of_Reversals_body_gbpusd.png, AUDUSD and NZDUSD Divergence Suggestive of Reversals

Prepared by Jamie Saettele, CMT

AUDUSD – Use Monday’s high as the pivot. In other words, a drop to the low 10400s or even channel support below 10400 is possible as long as price is below 10575. Exceeding 10575 would suggest that a tradable low is in place.

AUDUSD_and_NZDUSD_Divergence_Suggestive_of_Reversals_body_audusd.png, AUDUSD and NZDUSD Divergence Suggestive of Reversals

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD break above Monday’s high (8200) is enough for me to trade from the long side (a 4th wave low may be in place at last week’s low). The divergence between the AUDUSD and NZDUSD (new AUDUSD low but NZDUSD holding the low) is typical of turns as well. 8185/8200 is short term support and 8320 resistance.

AUDUSD_and_NZDUSD_Divergence_Suggestive_of_Reversals_body_nzdusd.png, AUDUSD and NZDUSD Divergence Suggestive of Reversals

Prepared by Jamie Saettele, CMT

USDJPY –The next objective is 8550. Stay bullish as long as price is above 8055. See Friday’s weekly for additional commentary.

AUDUSD_and_NZDUSD_Divergence_Suggestive_of_Reversals_body_usdjpy.png, AUDUSD and NZDUSD Divergence Suggestive of Reversals

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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